SET welcomes “TAN”

Editorial Staff

SET welcomes lifestyle and fashion product retailer “TAN” on Oct 18
The Stock Exchange of Thailand (SET) yesterday listed Tanachira Retail Corporation pcl, a lifestyle and fashion product retailer, under the ticker symbol “TAN”.

The company has a market capitalization at its initial public offering (IPO) of 4.95 billion baht (approx. USD 135.80 million).

SET senior executive vice president Manpong Senanarong said that TAN will be listed and start trading on the SET in the services industry group, commerce sector.

TAN is lifestyle and fashion retailer of five brands, three of which have approved the company as the exclusive importer and distributor of their globally recognized products.

The three companies are Pandora, a Danish leading jewelry brand; Marimekko, lifestyle products with outstanding prints and colors from Finland; and Cath Kidston, modern vintage lifestyle products from the U.K.

The company group owns body care, skincare, spa and aromatherapy products under the brands of HARNN and Vuudh. HARNN products are main products used in the spa business of the company group and its spa franchisees. In addition, TAN has been authorized to distribute products in Japan, Singapore and Vietnam. Currently, it operates 131 branches in Thailand and overseas.

After the IPO, TAN has a paid-up capital of 300 million baht consisting of 222.5 million existing common shares and 77.5 million newly issued shares, with a par value of 1.00 baht each.

It offered all newly issued shares to persons at underwriters’ discretion, institutional investors or book building participating entities, the company’s related persons, and employees of the company and its subsidiaries during October 9-11, 2023, at 16.50 baht each for a raised fund of 1.28 billion baht. Kasikorn Securities pcl is the financial adviser and lead underwriter.

TAN chief executive officer Tanapong Chirapanidchakul said the listing on SET marks another milestone of success and pride of TAN. The company has gained competitive edge through its portfolio of various brands which have been growing rapidly and covering lifestyle and fashion products, spa, spa franchises, and lifestyle foods and beverages.

TAN’s major shareholder after the IPO is the Tanapong Chirapanidchakul group (74.17 % through direct and indirect holding). TAN’s dividend policy is to pay at least 40 % of net profit from its consolidated financial statements after corporate income tax and reserves required by law and its articles of association. Dividend payment may be different from the policy, subject to its operating performances, financial liquidity, need of working capital for business management, and business expansion plans in the future as well as economic circumstances.