News Detail

26 Jul 2022 13:12:00
mai News :mai welcomes furniture distributor "CHIC" on July 27
Full Detailed News
Download Full Detailed News
                                                                            SET News 58/2022
                                                                  July 26, 2022

mai welcomes furniture distributor "CHIC" on July 27

Bangkok, July 26, 2022 - Market for Alternative Investment (mai), will list Chic
Republic pcl, a distributor of furniture, home furnishings, home decor, and
complete range of bedding and accessories, in large stand-alone stores, on July
27, under the ticker symbol "CHIC". The company has a market capitalization at
its initial public offering (IPO) of THB 1.22 billion (approx. USD 33.17

mai President Prapan Charoenprawatt said that CHIC would list and start trading 
on mai in the Services industry group.

CHIC operates furniture distribution business, inclusive of home decoration 
products, housewares, and one-stop shopping of mattresses and bedding, in the
form of large stand- alone stores, under the main house brands of furniture
products named "CHIC Republic" and "Rina Hey", as well as the brand "Ashley" for
imported products, among other brands via in-store shopping and online
channels. Currently, the company has six branches, consisting of five branches
in Thailand: Pradit Manutham, Pattaya, Bang Na, Ratchaphruek and Raminthra, and
one branch abroad in Cambodia.

In addition, the company also sells and installs furniture products for domestic
condominium projects, provides comprehensive interior design services, and rent
spaces/booths (allocated within the branch) for other products so as to attract
 more customers.

CHIC has a registered paid-up capital of THB 680 million, consisting of 1 
billion existing common shares and 360 million newly issued shares, with a par
value of THB 0.50 each. It offered 270 million newly issued shares to the
persons at the underwriters' discretion, up to 54 million shares to patrons of
the company and subsidiaries, and up to 36 million shares to directors,
executives and employees of the company and subsidiaries, during July 18 - 21,
2022 at THB 0.90 each, for a total of THB 324 million. The IPO price was
equivalent to price-to-earnings ratio (P/E ratio) of 43.06 times. The earning
per share is equal to THB 0.0209, which was calculated from the company's net
profit over the past four quarters (from April 1, 2021 to March 31, 2022),
divided by fully diluted shares. Maybank Securities (Thailand) pcl is its
financial advisor and lead underwriters, and Asia Plus Securities Co., Ltd. and
Land and Houses Securities pcl are co-lead underwriters.

CHIC Managing Director Kijja Pattamasattayasonthi said that CHIC focuses on 
expanding branches in prime and potential locations, in the center of large
urban communities, while prioritizing offline to online and online to offline
(O2O) marketing strategy to fine tune business in preparation for digital
transformation to cope with changing consumer behaviors and future needs. The
proceeds arising from the fundraising will be used to expand branches, refurbish
certain local branches for more rental spaces and create recurring income
sources, repay financial institutions' loans, and as working capital.
Specifically, the company places importance to the development of the company's
website, aiming to increase e-commerce sales to accommodate the continuously
expanding customer base.

The company's dividend policy is to pay no less than 40 percent of net profit 
from the company's separate financial statement after corporate income tax and
all types of reserve funds as specified in the company's regulations and by law.

CHIC's major shareholder after the IPO is Pattamasattayasonthi family, the 
founders (73.53 percent).

Investors and interested parties, please find details from the company's 
prospectus at the Securities and Exchange Commission's website at;
and for general information, please visit  as well as
                          "SET...Make it Work for Everyone"
                        Follow us on Twitter @SET_Thailand_EN