Fund raising/NEO listing

Editorial staff

“NEO” will be listed on April 9

The Stock Exchange of Thailand (SET) will list Neo Corporation Plc, a leading consumer product marketing, manufacturing and distribution company on April 9, 2024 under the ticker symbol "NEO".

The company has a market capitalization at its initial public offering (IPO) of 11.70 billion baht (approx. US$ 310.15 million).

SET senior executive vice president Manpong Senanarong said that NEO will be listed and start trading on SET in the consumer products industry group, personal products & pharmaceuticals sector.

Manpong Senanarong

NEO is engaged in marketing, manufacturing and distributing consumer products, comprising household products, personal care products and baby care products, under eight well-recognized and successful brands: Fineline, D-nee, BeNice, Eversense, TROS, Vivite, Smart and Tomi. NEO is committed to developing and offering quality and diverse products at reasonable prices that meet consumer needs.

NEO, after the IPO, has a paid-up capital of 300 million baht with a par value of 1 baht each. The company offered a total of 87.5 million IPO shares, of which 78 million shares were newly issued shares and the remaining 9.5 million were existing shares held by FNS Holdings Plc, to the company’s and its subsidiaries’ directors, executives and employees; the company patrons; and institutional and individual investors at the underwriters' discretion during March 28-29 and April 1-2, 2024.

The IPO price was set at 39 baht each, raising a fresh capital of 3.04 billion baht. TISCO Securities Co., Ltd. is the financial advisor and lead underwriter.

NEO chief executive officer Suthidej Thakolsri said NEO aims to be Asia's innovative Fast-Moving Consumer Goods (FMCG) company that enhances consumers' quality of life. With over 30 years of accumulated knowledge and experience in marketing strategies, and R&D, NEO can develop quality products that cater to consumer needs and strengthen its brands.

The listing will enhance its competitiveness and future growth potential. NEO plans to use most of the IPO proceeds to expand production capacity for household products, expand raw material and packaging warehouses, and warehouse management systems to support its future business growth plans.

NEO's largest shareholders after the IPO are the Suthidej's family group (65.3 %) and Finansa Fund Management Limited (6.3 %).

The company’s dividend policy is to pay not less than 40 % of net profit from the separate financial statements after corporate income tax and reserves required by laws and the articles of association. The dividend payment is subject to operating results, financial position, business expansion plans and other appropriate factors.