Growing Vegetables Because I Love Mom Public Company Limited Sets IPO Price

Growing Vegetables Because I Love Mom Public Company Limited, also known as OKJ, has announced the price for its initial public offering (IPO) of no more than 159,000,000 shares, with a par value of 0.5 baht per share, at an offer ‌price of 6.70 baht per ​share. The subscription period is set for 23-25 September 2024, with Bualuang Securities Public Company Limited ‌serving as ⁤the financial advisor and underwriter.

Business ⁢Overview

OKJ’s primary business is food ‍service and delivery, focusing on healthy drinks and products under the⁣ concept “Be Organic of​ Farm to ⁢Table.” The company ⁤emphasizes growing vegetables using organic farming methods and offers food and ⁣drinks made from quality organic ingredients to promote good ​health among its customers.

Financial Performance

Based on the company’s ⁤net profit of 169.08 million baht over the last ​12 months, and considering the total number of ordinary shares after this offering (Fully Diluted), which is⁢ equal to 609 million shares with a par value ‌of 0.50 baht per share, the net profit per share will be approximately 0.28 baht per​ share. This translates to a Price to ‍Earnings Ratio (P/E) of⁣ about 24.13 times.

Shareholders and Stock Purchase ⁤Agreement

The company’s three major shareholders are Chalakorn Ekachaipattanakul, Jirayut Phuwapoonphon, and Woradej Suchaibunsiri. Modulus Enterprise Company Limited (Modulus), a subsidiary of PTT Oil Business and Retail Public Company Limited (OR), has entered into a stock purchase agreement to acquire‌ 31,800,000 original shares from the co-founder at the same price as the IPO shares on the first day of trading.

IPO Proceeds ⁤and ‍Utilization

The company⁣ expects to raise approximately 1,023.9 million baht from the IPO, which will be utilized for the following ‌purposes:

• Expanding the ⁤company’s business, including the expansion of Ohkajhu stores, Ohkajhu Wrap & Roll stores, and⁤ Oh!⁢ Branch improvements, as well as⁤ the expansion of the company’s distribution channels (753-759 million baht)
• Investing in building a‍ new central kitchen, developing machinery, equipment, and vegetable washing rooms, and implementing various information technologies⁢ to increase production efficiency (190-230 million baht)
• Investing in machinery, equipment, and public utilities to increase efficiency⁢ in cultivating the ⁣land, including building a facility for product quality‍ inspection (internal laboratory)‌ (30-35‍ million baht)
• Repaying loans from ⁢financial institutions not exceeding 50 million baht