Central Retail Corporation pcl (CRC), the country's retail industry leader in both domestic and overseas markets, celebrated its first day of trading and was enthroned as the largest-ever IPO in the history of the Stock Exchange of Thailand (SET) by raising 78,124 million baht (including shares offered to the shareholders of 'ROBINS' who accepted the tender offer and over-allotment of greenshoe option) with total market capital at IPO price of 253,302 million baht (excluding over-allotments). CRC stock instantly became top 15 stocks traded on the SET, and met the fast-track criteria of listing on the SET50 and MSCI Global Standard indexes. The listing of CRC will build upon the company’s success by enhancing its customer-centric, omni-channel platform capable of generating revenue at anytime from anywhere in the world, with unprecedented growth opportunities from constant and sustainable business expansion and improvement plan.
Yol Phokasub, Chief Executive Officer of CRC said that “Everything is ready today as a result of our untiring preparation and full support from Central Group. CRC is very proud to make a new mark with a success in becoming the country’s largest IPO ever, as well as being the world's second highest ranking IPO offered by retailers. Notwithstanding ongoing challenges that bring short-term impact to Thai capital market, the remarkable deal reflects investor confidence in our long-term potential and growth opportunity driven by our strong and stable fundamentals that propels organic growth through expansion and stores’ renovation of our leading retail banners in Thailand, Vietnam and Italy, with plan and target number clearly set. The IPO also equips CRC with readiness to explore opportunity for inorganic growth through constant acquisitions of promising retail businesses in Thailand and overseas with prudently disciplined investment strategy. Our goal is to enhance Thai retail industry’s capabilities and the country’s economy, as well as generate satisfactory returns to investors.”
CRC’s IPO hit a total of 4 new records in Thai and global stock markets: first - the largest-ever IPO in the history of Thai stock market with the highest offering value in SET; second - the world's second highest ranking IPO in retail sector; third - with the total market capital at final IPO price, CRC is likely to became top 15 stocks traded on the SET by three business days after its first day of trading; and fourth - CRC’s investor roadshow on 17 January 2020 received an overwhelming interest from investors and the general public with over 1,400 people attending the event, marking the highest audience numbers in the history of IPO roadshow in Thailand.
“Investors who are confident in CRC’s potential and hold ownership in CRC will have a great opportunity to grow together with our future retailing platform which goes beyond physical store and e-commerce. It is the confluence of the various shopping channels used by customers in modern retailing, including in-store and online through customer-centric omni-channel retailing platform that can generate income anywhere, anytime, offering better, more convenient customer experience with access to a more diversified choices of reliable products, and ability to feel and touch the product before making purchase. This is a proven successful formula that are well-received among our existing customers and constantly attracts new customers, as seen by the leaping growth from our latest 11.11 and 12.12 Mega Sale campaigns in the end of 2019 which generated sales that doubled over the previous year. Omni-channel platform is truly promising with an ample room for growth in the future,” added Yol.
After IPO, Chirathivat family still holds 70% of CRC share ownership (assuming the over-allotment option is fully exercised) to reflect a firm commitment of business founders in taking a key role to drive the company’s growth along with management team that encompasses experienced professionals. CRC's dividend policy is to pay no less than 40 percent of net profit from the consolidated financial statement after corporate income tax and legal reserves. However, the company's dividend payout may be different from this policy subject to the company's performance, financial liquidity and future business plan as well as economic circumstances.
For more information on CRC, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.centralretail.com and www.set.or.th.
