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Kerry Express starts trading in SET from Christmas Eve
CorporateDec 23. 2020
By The Nation
Leading parcel delivery firm, Kerry Express (Thailand), is officially going public on Christmas Eve, with “KEX” as its stock ticker and initial IPO priced at Bt28 per share.
KEX is offering 300 million ordinary shares to the public as it becomes the first parcel delivery firm to be listed in the Stock Exchange of Thailand (SET).
After being oversubscribed by both institutional and retail investors, KEX has proved to be one of the most interesting IPO deals of the year. With its strong fundamentals, KEX’s business has been growing rapidly over the past three years (2017-2019), and its revenue has risen significantly from Bt6.63 billion in 2017 to Bt13.57 billion in 2018 and Bt19.78 billion in 2019. Its net profits also rose from Bt730.26 million to Bt1.19 billion and Bt1.33 billion over the same period.
With its strong, nationwide delivery network, KEX operates via 15,000 service locations, nine sorting hubs, over 1,200 distribution centres and is supported by a fleet of approximately 25,000 vehicles.
Apart from providing nationwide delivery, KEX also provides other services like cash on delivery, Rabbit LINE Pay, QR payment, same day delivery in Bangkok, metropolitan areas and certain provinces. It plans to provide same-day delivery nationwide soon.
Meanwhile, Veena Lertminitr, director of SCB Securities, and Prasert Tantayawit, managing director of Maybank Kim Eng Securities’ Investment Banking Department, agree that the offering of 300 million shares at Bt28 per share will help KEX bring in approximately Bt8.4 billion. This is thanks to about 23 times oversubscription from institutional investors and approximately 10 times oversubscription from cornerstone investors. This, they said, reflects investors’ confidence in moving forward with Kerry Express.
Both SCB Securities and Maybank Kim Eng Securities (Thailand) are joint lead underwriters for the IPO.
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