THE Stock Exchange of Thailand (SET) will, on February 20, list Zen Corporation Group Plc, an operator of restaurant brands in Thailand, under the ticker symbol “ZEN”. The company has a market capitalisation of Bt3.9 billion after its initial public offering (IPO).
Zen will trade on the SET in the Agro & Food Industry group, in the Food & Beverage sector, said SET senior executive vice president Manpong Senanarong.
Zen is a holding company investing in restaurants, franchise and related businesses such as food delivery, catering, restaurant management and consultancy, as well as food retail businesses such as ready-to-cook and ready-to-eat products.
The company now operates 12 brands – six Japanese and six Thai. The Japanese restaurants are Zen, Musha by Zen, Sushi Cyu Carnival Yakiniku, AKA, Tetsu and On the Table Tokyo Cafe. The Thai restaurants are Tummour, Laos Yuan, Jaew Hon, Pho, de Tummour, and Khiang.
Zen has registered paid-up capital of Bt300 million. It offered 75 million newly issued shares via underwriters to the general public, institutional investors, patrons and employees of the company on February 7-8, and February 11, at Bt13 per share, raising a total of Bt975 million. Kasikorn Securities PCL was its financial adviser and lead underwriter.
Zen’s three major shareholders after the IPO are Sakkanon Chirathivat and Jomkwan Chirathivat Group (66.92 per cent), Siruwat Chatchawan (3 per cent) and Central Pattana Plc (1.88 per cent).
The IPO price was set by a book-building process, equivalent to a price-to-earnings ratio of 27.60 times calculated by using the company’s net profit in the past four quarters – from the fourth quarter of 2017 to the third quarter of 2018, divided by fully diluted shares, representing earnings per share of Bt0.50.
Zen’s dividend policy is to pay no less than 50 per cent of net profit from the company’s separate financial statements after corporate income tax and legal reserves.