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Sports apparel, equipment maker Warrix plans IPO this year to pursue expansion
WEDNESDAY, NOVEMBER 23, 2022
Sports apparel and equipment manufacturer Warrix Sport has revealed plans to list on the Stock Exchange of Thailand by the end of the year in order to transition to a healthy, active lifestyle company.
Wisan Wanasaksrisakul, Warrix Sport’s chief executive officer, told a press conference on Wednesday that the move would help the company get liquidity to expand into other sports-related fields.
He said that Warrix has a registered capital of 300 million baht, which is made up of 600 million ordinary shares with a par value of 0.5 baht each.
The total paid-up capital is 210 million baht, divided into 420 million ordinary shares, and the company will issue 180 million ordinary shares in the initial public offering.
Warrix’s only funding source at the moment is the bank, so listing on the stock exchange will enable the company to expand, including the opening of its first sport sciences centre on Rama 9 Road and a new lifestyle community at Siam Square in 2024, he said.
“Aside from selling our products, the centre offers treatment, rehabilitation, consultation, nutrition knowledge, and specialised courses for football, marathon, golf, cycling, and office syndrome from a team of licenced physiotherapists and professional trainers,” Wisan explained.
He also noted that the funds raised from the “Market for Alternative Investment” (MAI) stock market will enable his company to continue investing in in-house R&D, data-driven transformation systems, and working capital in a variety of projects, including sponsorship of major sporting events such as the Fifa World Cup, AFF Mitsubishi Electric Cup, and Olympic 2024.
He assured retail investors that the company could continue to grow at the same rate as it has since its inception 12 years ago, with a clear and viable goal and path to becoming the leader in the holistic integrated sports, wellness, and lifestyle industry.
Warrix’s main revenue currently comes from the sale of non-licensed products, such as classic, collection, and made-to-order products, with revenue proportions of 34.90%, 28.26%, and 16.21% respectively in the first nine months of 2022.
The rest of the revenue is generated by products in the licensed category, which includes national football team products (12.68% of revenue), football club products (3.99%), and other licensed products (1.89%).
There is also 0.54% revenue from other product sales and 0.47% revenue from physical clinic services.