SET/FM listing

Editorial staff

The Stock Exchange of Thailand (SET) will list Food Moments Plc, a holding company with investment in manufactures and distributors of butchered and processed cooked chicken parts, tomorrow (July 25) under the symbol “FM”.

The company has a market capitalization at its initial public offering (IPO) of 5.33 billion baht (approx. US$ 148.30 million).

SET executive vice president Amnouy Jiramahapoka said that FM will list and start trading on SET in the agro & food industry group, food & beverage sector.

FM operates as a holding company with subsidiaries primarily operating in the manufacturing and distribution of butchered and processed chicken, focusing on fully processed cooked chicken products.

SET executive vice president Amnouy Jiramahapoka

The company's subsidiary business structure covers the entire process from overseeing quality chicken farming through contract farming networks to slaughtering and processing chickens for fresh, chilled, and frozen chicken parts for both domestic and international markets. Moreover, the company uses fresh chicken as raw material for producing cooked value-added products using advanced technology through collaboration with customers on product development.

FM has a research and development team and a lab kitchen. Currently, its customer base comprises both domestic and international operators in the European Union, the UK, Japan, Canada, Hong Kong, South Korea, Cambodia, China, and Singapore.

FM has a post-IPO paid-up capital of 1.98 billion baht with a par value of 2 baht per share. The company offered a total of 376.96 million IPO shares, comprising 176.96 million existing common shares and 200 million newly issued shares during July 15-17, 2024. The IPO shares were priced at 5.40 baht per share, raising 1.08 billion baht in fresh capital.

The IPO price was equivalent to the price-to-earnings (P/E) ratio of 17.42 times. The earnings per share is equal to 0.31 baht which was calculated from the company’s net profit over the past 12 months at 306.22 million baht, divided by fully diluted shares. OptAsia Capital Co., Ltd. is the financial advisor, while Tisco Securities Co., Ltd. and Maybank Securities (Thailand) are the lead underwriters.

FM chief executive officer Nutthapol Dussadeenoad said that raising capital and listing on SET mark a significant step that strengthens the company's financial position to expand production capacity for future growth. It also provides an opportunity for investors and the general public to be part of the company's success. The strong financial position, combined with the management team's 30 years of experience and expertise in the chicken processing and distribution industry, will enable the company to foster continuous and sustainable growth.

FM's major shareholders after the IPO include the Dussadeenoad Family group (51.84 %) and North Haven Thai Private Equity Dominic Company (Hong Kong) Limited (10 %). FM’s dividend policy is to pay shareholders not less than 40 % of net profit according to the separate financial statements after corporate income tax and all required reserves. The company will consider dividend payments taking into account various factors for the benefit of shareholders as a priority, and it must not significantly affect the company's normal operations.