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Bangkok Post
Bangkok Post
Business

Sitron Power to list on LiVE Exchange

LiVE Exchange (LiVEx), the bourse for small and medium-sized enterprises (SMEs) and startups under the Stock Exchange of Thailand, plans to list energy solutions provider Sitron Power Plc today under the ticker symbol SITRON22.

With a market capitalisation of 396 million baht (roughly US$11.4 million) for its initial public offering (IPO), Sitron provides engineering, procurement, construction and installation of end-to-end solar power generating systems, consisting of solar rooftops, solar ground-mounts and solar floating systems.

According to LiVEx president Prapan Charoenprawatt, Sitron has paid-up capital of 72 million baht, consisting of 60 million ordinary shares and 12 million newly issued shares, with a par value of one baht each.

The 12 million new shares were offered to certain persons with qualifications as specified by the Securities and Exchange Commission from Dec 6-8, at 5.50 baht apiece, for a total of 66 million baht. Krungthai XSpring Securities is the company's financial advisor and lead underwriter.

Sitron chief executive Prapharat Tangkawattana said the funds raised will be used to purchase equipment for R&D, investment in a solar power generating system project to produce and distribute electricity to potential customers, and as working capital.

The company is also poised to enhance various operating systems in preparation for listing on the Market for Alternative Investment in the future, she said.

Major shareholders following the IPO are N-Large Energy Co Ltd (33.33%), Prapharat Tangkawattana (16.33%), and Chodchoy Sophonpanich (10%).

Launching operations on March 15 this year, LiVEx listed Advanced Web Service Plc (AWS22) as its first security.

Since its IPO on Sept 9, AWC's share price has risen 75% from 2 baht on its first day of trade, said Mr Prapan.

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