Market for Alternative Investment (mai) will list Bioscience Animal Health pcl, a manufacturer and distributor providing a full array of veterinary medicines and medical equipment, on May 5, under the ticker symbol “BIS”.
The company has a market capitalization at its initial public offering (IPO) of THB 1.88 billion (approx. USD 55.32 million).
mai President Prapan Charoenprawatt said that BIS would list and start trading on mai in the Services industry group.
BIS and subsidiaries manufacture, import and distribute pharmaceuticals, tools,
equipment and products with various types of products such as veterinary medicines, feed additive and raw material for livestock and pets., with approval by or registration at relevant agencies.
The company imports products from leading distributors in 13 countries, such as the United States, France, the Netherlands and China, etc. At present, BIS distributes over 470 product items in six categories and the 2021 revenue ratio was as follows :
1) animal health products at 27 percent,
2) animal nutrition products at 17 percent,
3) veterinary diagnostic products at 22 percent,
4) feed ingredients at 15 percent,
5) complete feed at 18 percent, and
6) other products at 1 percent.
Livestock-related customers are feed mills, integrated farms, farms and agents,
while pet-related customers are animal hospitals and clinics, pet shops and modern trade. BIS distributes products under the brands of business partners, Original Equipment Manufacturer (OEM) products, and those produced by the company under its own brands, with the 2021 revenue ratio at 81:17:2 respectively.
BIS has a registered paid-up capital of THB 157 million, consisting of 220 million existing common shares and 94 million newly issued shares, with a par value of THB 0.50 each.
The company offered 70.5 million newly issued shares to persons at the underwriters’ discretion, 14.1 million shares to its patrons and 9.4 million shares to associates and employees during April 25 – 28, 2022, at THB 6 each, for a total of THB 564 million. The IPO price was equivalent to the price-to-earnings (P/E) ratio of 27.45 times.
The earnings per share is equal to THB 0.22, which was calculated from the company’s net profit of THB 68.63 million in the past four quarters (from January 1, 2021 to December 31, 2021), divided by fully diluted shares. Maybank Securities (Thailand) pcl is its financial advisor and lead underwriter.
BIS Chief Executive Officer Dhanawat Khongjaroensombat said that BIS focuses on
selecting and presenting good quality and varieties of products from leading manufacturers worldwide.
The founders and executives are experienced veterinarians with expertise in this business for over 18 years, resulting in the ability to understand and respond to customers’ benefits and needs.
Besides, the company supports efficient and quality research & development (R&D) as well as innovations, for utmost benefits of customers, quality of life of animals, and end consumers.
The fund raised will be used to repay loans to financial institutions, expand factories, invest in machinery, fund the R&D of livestock vaccines for commercial purposes, and as working capital.
BIS’s major shareholders after the IPO are BIS Group Holding Co., Ltd. (33.03
percent) and Dhanawat Khongjaroensombat (8.87 percent). The company’s dividend policy is to pay no less than 30 percent of net profit from consolidated and separate financial statements after corporate income tax and all types of reserves.