The Stock Exchange of Thailand (SET) will list Polynet pcl, a leading manufacturer of products related to rubber, plastic, silicone, mold for automotive industry, medical equipment and consumer products on November 16, under the ticker symbol "POLY". The company has a market capitalization at its initial public offering (IPO) of THB 3.06 billion (approx. USD 85 million).

SET Senior Executive Vice President Manpong Senanarong said that POLY would list and start trading on SET in the Industrials industry group, Automotive sector.

POLY manufactures and distributes products related to rubber, plastic, silicone and mold with one-stop services ranging from custom-made mold design, R&D for production formulas as well as mold according to various usages in the automotive industry, such as rubber dust cover, air vent mask and silicone valves. POLY's main customers are Tier-1 parts manufacturers. In addition, the company has expanded the business to other industries with higher growth potential, consisting of such medical device and equipment industry as silicone components of respirator sets, various surgical equipment & parts, as well as consumer products industry such as silicone food bags, packaging rubber seals, tea strainers and electrical components.

POLY has a registered paid-up capital of THB 450 million, consisting of 330 million existing common shares and 120 million newly issued shares, with a par value of THB 1 each. It offered the newly issued shares to the general public during November 9 - 11 at THB 6.80 each. The IPO price was equivalent to the price-to-earnings ratio (P/E ratio) of 20.4 times. KGI Securities (Thailand) pcl

 is its financial advisor and lead underwriter.

POLY Chief Executive Officer Kanchana Laowrattana said that the company is confident that being a SET-listed company will strengthen POLY to become a leader in the industrial parts business focusing on innovations and providing one-stop services to meet the needs of customer in all industries, while searching and extending a new S-curve. The fundraising will therefore reinforce the company's capital to be used to invest in factory expansion projects and machinery to expand production capacity by 16.6 percent, which will sharpen the company's long-term competitive advantage in a sustainable manner.

The company's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statements after corporate tax and all types of reserves required by law and the company's regulations. However, such dividend payment is subject to change based on the company's operating results, investment plan, financial position, liquidity, business expansion plan, and other matters as deemed appropriate, including the company's business management in the future.

After the IPO, the company's major shareholder is the Laowrattana group (73.3percent).