mai welcomes property service firm Primo Service Solutions (PRI) on Nov 30

Tuesday 29 November 2022 09:52
Market for Alternative Investment (mai) will list Primo Service Solutions pcl, a one-stop property service company, on Nov 30 under the ticker symbol "PRI". The company has a market capitalization at its initial public offering (IPO) of THB 4.80 billion (approx. USD 133.33 million).
mai welcomes property service firm Primo Service Solutions (PRI) on Nov 30

mai President Prapan Charoenprawatt said PRI will be listed and start trading on mai in the Property & Construction industry group.

PRI is a holding company of Origin Property pcl (ORI) and ORI group's flagship company providing one-stop property services. PRI holds shares in eight subsidiaries engaged in three business groups: 1) engineering consulting and design offering construction consulting and supervision as well as architectural design; 2) property management business covering juristic entities for condominiums and housing estate, shopping centers and office buildings; broker, investment matchmaking service and consulting; and 3) property-related aftersales services such as interior design and decoration, cleaning and property maintenance. For the first nine months of 2022, the three groups of business accounted for 13 percent, 46 percent and 41 percent respectively of PRI's total revenue. Revenue from its services for ORI group made up 42 percent of all service-related revenue.

After the IPO, PRI has a paid-up capital of THB 160 million, consisting of 240 million existing common shares and 80 million newly issued shares, with a par value of THB 0.50 each. It offered 64 million newly shares to persons at the underwriter's discretion and the remaining 16 million shares to institutional investors during November 22-24, 2022, at THB 15 each, for a total of THB 1.20 billion. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 24.19 times. The earning per share is equal to THB 0.62, which was calculated from the company's net profit of THB 198.89 million in the past four quarters (from October 1, 2021, to September 30, 2022), divided by fully diluted shares. Asia Plus Advisory Co., Ltd. is the financial advisor and Asia Plus Securities Co., Ltd. is the lead underwriter.

PRI Chief Executive Officer Jatuporn Wilaikaew said the company was a leading provider of one-stop modern property services. PRI's management and staff understand client demand and are able to design the services that satisfy property developers and the residential property projects' dwellers. The proceeds arising from the fundraising will be used to expand relevant business and improve service technologies for clients, and as working capital.

PRI's major shareholder after the IPO is ORI (75 percent). The company's dividend policy is to pay at least 40 percent of net profit from the company's annual separate financial statements after tax, and legal and other reserves.

For more information on PRI, please see the company's prospectus at the Securities and Exchange Commission's website at; and for general information, please visit and

Source: SET Corporate Communications