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Published on July 26, 2007

The company emerges as the fourth listing on the Stock Exchange of Thailand this year, after Unique Engineering and Construction, Rasa Development and Total Access Communication.

At Bt3 apiece, the stock's price-to-earnings ratio would be 9.3, well below the construction industry's average of 12.37, BFIT Securities assistant managing director Vorachart Tuaycharoen said yesterday.

The manufacturer and distributor of slitting coils, C channels and steel pipes will float 100 million shares at Bt1 apiece par value to the public next Tuesday and Wednesday.

Proceeds will be used to raise production capacity.

Thai Yuan Metal managing director Boonchai Jirapongtrakul said the bull market had given the company the confidence to launch its IPO at this time.

The company's debt-to-equity ratio would improve from 3 to 2 after the share offering and be limited to 2.5 in the future.

Meanwhile, OfficeMate has announced it is seeking an ally ahead of its listing on the Market for Alternative Investment (MAI) in 2009.

Managing director Worawoot Ounjai said the stationery distributor was negotiating with

several local suppliers and corporate clients about taking a stake in it.

"The company wants to list on the MAI to repay debts and expand its warehouse in phase 2," he said.

OfficeMate's Bt80-million debt will increase to Bt100 million this year.

The domestic stationery market is expected to grow at least 15 per cent, while the company targets its sales to jump 20 per cent to Bt900 million, from last year's Bt750 million.

"We expect annual sales to reach Bt2.5 billion in three to five years," he said.

Siriporn Chanjindamanee

The Nation