SET welcomes “SAFE”

Editorial Staff

SET welcomes complete fertility service provider “SAFE” on Nov 2

The Stock Exchange of Thailand (SET) will list SAFE Fertility Group pcl, one of the leading providers of comprehensive fertility services with internationally recognized assisted medical reproductive technology, on November 2 under the ticker symbol “SAFE”.

The company has a market capitalization at its initial public offering (IPO) of 6.38 billion baht (approx. USD 175.08 million).

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

SAFE provides comprehensive range of fertility services covering intracytoplasmic sperm injection (ICSI); egg, sperm and embryo freezing; preimplantation and non-invasive prenatal genetic testing; and genetics laboratory.

The company has teams of embryologists and physicians with 22 years of experiences and applies advanced technologies that meet international standards. Consequently, the pregnancy rates at its centers are as high as 40-75 %, staying ahead of the curve.

SAFE has a paid-up capital of 303.95 million baht with a par value of 1.00 baht each. The company allocated 76.75 million IPO shares, 23.95 million shares of which were newly issued shares and 52.8 million were existing common shares owned by Piccadilly Peak Limited.

It offered 40 million shares to institutional investors, 23.16 million shares to persons at underwriters’ discretion, 11.50 million shares to the company’s and subsidiaries’ patrons, and 2.09 million shares to the company’s and subsidiaries’ directors, executives and/or related persons and employees during October 25-27, 2023, at 21 baht each, raising a total of 502.90 million baht. OptAsia Capital Co is the financial adviser and Bualuang Securities pcl is the lead underwriter.

SAFE CEO Wiwat Quangkananurug said the listing will enable the company to grow its business and social impact as planned, and sharpen competitive edge to become a leader in fertility treatment, preimplantation and non-invasive prenatal genetic testing, and wellness in Asia. The proceeds arising from the fundraising will be used to invest in related business with potential, expand its branches and laboratory services to support the company group’s growth, and as working capital.

SAFE’s three major shareholders after the IPO are the Quangkananurug group (60.92 %), North Haven Thai Private Equity Saturn Company (Hong Kong) Limited (which was registered by the Hong Kong law and has Morgan Stanley as a general partner) (12.50 percent) and Chanida Pattanotai (0.55 %). The IPO price was based on book building. The company’s dividend policy is to pay at least 50 percent of net profit from its separate financial statements after corporate income tax and legal reserves.