BANGKOK, February 16, 2021 – The Market for Alternative Investment (mai) will list TQR pcl, a reinsurance broker, on February 17, under the ticker symbol “TQR”. The company has a market capitalization at its initial public offering (IPO) of THB 1.17 billion (approx.USD 38.88 million).
Mai President Prapan Charoenprawatt said that TQR would list and start trading on MAI in the Financials group.
TQR has engaged in the reinsurance brokering business, providing integrated reinsurance solutions, including treaty and facultative reinsurance services for its cedants.
The company is committed to providing the best quality of reinsurance arrangements to clients that are cedants, and reinsurers. Moreover, the company has jointly analyzed and developed innovative insurance products with partners, as well as providing advisory services related to international innovative products and adapting them to suit Thailand’s insurance market.
TQR has two main business groups: traditional reinsurance business, and alternative reinsurance business, as well as other income-generating related products, with revenue contribution of approximately 60:38:2 respectively. TQR’s proportion ofrevenue by business categories in the first nine months of 2020 stood at
TQR has a registered paid-up capital of THB 115 million, consisting of 170
million existing common shares and 60 million newly issued shares, with a par
value of THB 0.50 each. It offered 30 million newly issued shares to general
public via IPO: 15 million shares to institutional investors; up to 9 million
shares to the company’s patrons; and up to 6 million shares to TQR’s directors,
executives, and employees, during February 9 – 11 at THB 5.10 each, for a total
of THB 306 million.
The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 15.8 times. The earnings per share is equal to THB 0.32 each, which was calculated from the company’s net profit over the past 12 months (from
October 1, 2019 to September 30, 2020) totalling THB 74.40 million, divided by
fully diluted shares. Jay Capital Advisory Limited is its financial advisor and
Thanachart Securities pcl is the underwriter.
TQR Chief Executive Officer Chanaphan Piriyaphan said that TQR’s management team
has specialized knowledge and expertise in insurance industry for many years,
as well as virtuous relationship with clients and partners. The IPO listing
will help strengthen the company’s capital base, build reputation and
recognition among insurance partners both locally and internationally, enhance
competitive capabilities for sustainable growth. The fund raised will be used to
invest in the IT system to enhance services of the operational efficiency
improvement platform, financial model development and reinsurance model
analysis, and as…