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CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED

(CRC)
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Thailand's SCG Packaging set to raise $1.5 bln after top-of-range IPO pricing

10/07/2020 | 11:44pm EDT

* SCG Packaging prices IPO at 35 baht, top of range

* Company set to raise $1.5 billion

* First trading day on Oct 22

BANGKOK, Oct 8 (Reuters) - Thailand's Siam Cement Group Packaging PCL (SCGP) priced shares in its initial public offering (IPO) at the top end of an indicated range, in the country's second-biggest listing this year that could raise up to $1.5 billion.

The unit of Thailand's largest industrial conglomerate, Siam Cement PCL, said in a statement on Thursday the IPO shares were priced at 35 baht each due to strong demand from investors.

SCGP is selling up to 1.3 billion shares, or nearly 30% of the total shares in the company, including an overallotment portion to raise as much as 45.4 billion baht ($1.46 billion). Trading in the shares will begin on Oct. 22.

The IPO comes as listings in Southeast Asia pick up gradually after a lull caused partly by the coronavirus pandemic. Central Retail Corporation, which began trading in February, raised 78.1 billion baht.

It also comes as delivery and e-commerce related businesses get a boost from rising online demand amid the pandemic.

SCGP booked revenue of 45.9 billion baht in the first half, up 11% from the year-ago period, with half of that coming from its high-performance packaging, paper materials and paper business and a quarter from pulp and paper, a company filing showed.

Proceeds from the IPO will be used to repay debt and for business expansion in Southeast Asia, the company said.

Cornerstone investors account for 60% of the IPO, with the bulk made up of a dozen domestic funds including SCB Asset Management and Kasikorn Asset Management.

Four foreign investors, including Avanda Investment, NTAsian Discovery Master, and Tudor Systematic Tactical Trading, account for about 11% of the cornerstones.

SCGP has a policy of paying out at least 20% of profits as dividends.

Morgan Stanley and UBS led the international sales of the IPO, while Bualuang Securities and SCB Securities coordinated domestic bookrunning. ($1=31.2200 baht) (Reporting by Scott Murdoch, Anshuman Daga and Chayut Setboonsarng; Editing by Clarence Fernandez and Muralikumar Anantharaman)


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED 2.44% 31.5 End-of-day quote.2.44%
MORGAN STANLEY -0.32% 96.29 Delayed Quote.40.96%
THE SIAM CEMENT PUBLIC COMPANY LIMITED -0.47% 422 End-of-day quote.11.64%
UBS GROUP AG 0.40% 15.1 Delayed Quote.21.09%
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Financials
Sales 2021 201 B 6 066 M 6 066 M
Net income 2021 3 547 M 107 M 107 M
Net Debt 2021 59 551 M 1 798 M 1 798 M
P/E ratio 2021 65,4x
Yield 2021 0,63%
Capitalization 190 B 5 733 M 5 736 M
EV / Sales 2021 1,24x
EV / Sales 2022 1,08x
Nbr of Employees 58 200
Free-Float 58,9%
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Mean consensus BUY
Number of Analysts 15
Last Close Price 31,50 THB
Average target price 40,30 THB
Spread / Average Target 27,9%
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Yol Phokasub Chief Executive Officer & Director
Nicolo Galante President
Piya Nguiakaramahawongse Chief Financial Officer
Prasarn Trairatvorakul Chairman
Sompong Tantapart Independent Director
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