"CPANEL" knocks the IPO price at 6.00 Baht APM as FA emphasizes CPANEL's high potential business growth FSS appointed as lead underwriter

Dr. Somphop Sakpanpanom, Chairman of Asset Pro Management Co., Ltd. or APM, as the Financial Advisor (FA) of CPanel Public Company Limited (CPANEL) disclosed that CPANEL had signed the underwriting agreement to appoint Finansia Syrus Securities PLC. as the lead underwriter for the Initial Public Offering (IPO) together with 5 co-underwriters, namely, ASL Securities Co., Ltd. (ASL), KTBST Securities PCL. (KTBST), Krungthai Zmico Securities Co,. Ltd. (KTZ), Land and House Securities PCL. (LHSEC), and Phillip Securities Thailand PCL. (PST).

Mr. Somsak Sirichainarumitr, Chief Executive Officer of Asset Pro Management Company Limited (APM), said CPANEL had prepared for the IPO of 39.50 million shares or 26.33% of the total common shares with the par value of 1 baht per share. On 17 September 2021, the SEC had validated the draft prospectus and filing.

Although CPANEL is not a long-established company, its strongly implemented production and financial systems have strengthened its core business operation to be a high potential growth business. Following the fund raising, CPANEL will achieve better profitability due to a drastic decrease in the debt-to-equity ratio.

In addition, there is a high tendency of Prescast Concrete demand caused by dramatic labor shortage and the legislation to control numbers of labor force within the construction areas. The adverse situations have promoted real estate and construction companies to use more Precast Concrete.

Mr. Somphop Keerasuntonpong, President of Finansia Syrus Securities PLC., as an underwriter of CPANEL disclosed that the subscription of the IPO of 39.50 million shares at the IPO price of 6.00 per share was scheduled on 21-23 September 2021 and was expected to be traded on the mai Stock Exchange under the Property & Construction Industry (PROPCON) within September 2021 with the ticker symbol "CPANEL".

"The IPO price is considered to be at the right price level for its fundamental factors and in line with the present market situation. CPANEL is one of the leading manufacturers and distributors of Precast Concrete due to the product's efficiency, modern production technology, and widely recognized among leading real estate and construction companies in Thailand. The fund raising for a new factory expansion to serve an increasing market's demand will reinforce the Company's potential growth in the future", said Mr. Somphop.

Mr. Chakrit Theepakornsukkasame, Managing Director of CPanel Public Company Limited (CPANEL), said the proceeds from the IPO would be used for the construction of the 2nd factory installed with fully automated production system to serve the production capacity growth in demand in the near future. The construction period will be from quarter 2/2022 to quarter 4/2023 and the commercial operation date (COD) is scheduled in quarter 1/ 2024. The proceeds will also be used for loan repayment to financial institutions and as working capital.

"I am confident that the Precast Concrete market will expand further supported by low-rise and high-rise real estate. This is an opportunity for the Company to expand its market. There are more order volumes added to the current Backlog of 1,156.03 million baht (as of 30 June 2021) which will recognized within the 3-year period. The quality of CPANEL's Precast Concrete has been constantly developing in terms of management, production, and product quality control systems, as well as rapid logistics. Thus, the fund raising will help support the company's growth to achieve its goal", said Mr. Chakrit.