Strengthening its position as leading Thai provider of home furnishings and building materials with new business model targeting countrywide expansion
Dohome PCL (SET: DOHOME), a leading retailer of home furnishing products and building materials, saw its shares rise by more than 6% today, its first day of trading on the Stock Exchange of Thailand (SET). This follows an initial public offering (IPO) of 465.04 million ordinary shares, with 56.16 million over-allotment, at an offering price of THB 7.80 per share. DOHOME seeks to employ the new capital to open new stores, having introduced a new business model with a smaller format ‘Dohome To Go’.
Mr. Adisak Tangmitrphracha, Chief Executive Officer of DOHOME, said: “We are very pleased and very proud of the successful listing of DOHOME on the SET (ticker: DOHOME). We had received strong feedback from both institutional and retail investors, reflecting their high confidence in DOHOME’s solid fundamentals and its position as a leading Thai ‘One-stop Home Products Destination’ “.
Mrs. Saliltip Ruangsuttipap, Deputy President, Accounting and Finance at DOHOME, added: “We made an IPO of 465,040,000 ordinary shares, or approximately 25.1% of DOHOME’s issued and paid-up capital. There was an over-allotment of 56,160,000 shares for the stabilization of DOHOME’s stock price during the first 30 days after its first day trade. In total, we allotted a total of 521,200,000 ordinary shares, or approximately 28.1% of DOHOME’s issued and paid-up capital.
“The capital increase and the listing on the SET will enable us to secure necessary business support, as well as strengthen our financial position to create growth in the future. We are ready to launch new stores in all regions of Thailand, targeting our newly designed large store format while still keeping our concept, ‘Complete, Cheap, and Good… at DOHOME’.
“Moreover, we have introduced ‘Dohome To Go’, a small format model that offers greater access to retail customers and better flexibility for store network expansion. As of today, we have launched ‘Dohome To Go’ stores at Makros Charansanitwong and Sathorn. In addition to our distribution centre at Pathum Thani, we now operate 11 stores, nine of which are large stores and two of which are Dohome To Go stores”, said Mrs. Saliltip.
DOHOME’s total IPO offering of 521.2 mm shares (inclusive of over-allotment) at an offer price of THB7.80 per share gives DOHOME a market capitalisation of more than THB14,400 mm (based on the IPO price). In this regard, DOHOME has the largest capitalization of any IPO so far this year (as of the first trading day). The lead underwriters are Kasikorn Securities PCL and Phatra Securities PCL.
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Source: ACN Newswire