Ngern Tid Lor (SET: TIDLOR) debuts shares on SET
Ngern Tid Lor PCL (SET: TIDLOR) received a warm welcome from investors on the Stock Exchange of Thailand today closing 25% higher at THB 45.75 per share with a trading volume of more than THB 33 billion. TIDLOR became the largest IPO ever in the Thai Finance and Securities Sector, as well as one of the five largest IPOs ever in the history of the Thai equity market, with a total offering size of THB 38,089 million (including an overallotment option) and market capitalization at the IPO price of THB 84,643 million, demonstrating Ngern Tid Lor’s strong fundamentals as the leading vehicle title loan-provider and top-3 retail-focused insurance broker, ensuring the Company’ rapid growth.
Driven by technological innovation and an omni-channel distribution platform, Ngern Tid Lor is ready to take its success in listing on the SET to another level by expanding its network of branches and boosting efficiency. The company plans to continue to invest in improving technological and digital platforms in order to maintain its leadership status and create sustainable growth opportunities. Stabilization activities will be in place for a period of no more than 30 days following today’s trade to support the stability of the share price in the secondary market.
Mr Piyasak Ukritnukun, Managing Director of Ngern Tid Lor PCL, with TIDLOR shares marking their debut on the SET today (May 10), said. “This is a very important day for Ngern Tid Lor, and we are honoured to join the Stock Exchange of Thailand. Ngern Tid Lor is one of Thailand’s leading financial inclusion companies in the fragmented title loan and general insurance brokerage businesses. We are on a mission to help promote sustainable economic development by helping people gain access to fair, responsible, and transparent financial products and services. Our rapid growth has been driven by our strong corporate culture, unique omnichannel distribution platform, reputable brand, and innovative products and services.”
Ngern Tid Lor’s IPO was not only the largest Finance and Securities Sector IPO ever, and among the five largest IPOs in the history of the Thai market. The TIDLOR IPO also received an overwhelming interest from a broad range of investors, from leading Thai and global institutional investors to Thai general public retail investors, reflecting investors’ confidence in Ngern Tid Lor’s strong fundamentals and potential for sustainable growth in the future.
Ngern Tid Lor’s mission is to provide access to fair, transparent and responsible financial services for financial betterment by offering relevant products and services that are simple to understand, convenient and fast through committed employees. The unique business model, combining financial services expertise, purpose-built technology and data analytics capabilities to effectively offer the right products for target customers via omni-channel distribution with 1,076 branches in 74 provinces and a customer referral network comprised of 5,132 representatives across 638 Krungsri Bank branches, 491 second-hand truck sales representatives, and 519 phone sales representatives. Customer acquisition from physical channels is further supplemented by online channels ranging from the Ngern Tid Lor website, application and Facebook, and TIDLOR Connect to fulfil the existing gaps and provide further access to financial services for citizens in Thailand.
The company’s performance during 2018-2020 demonstrated a strong track record of consistent growth and profitability, generating THB 7,569.4 million, THB 9,457.9 million, and THB 10,558.9 million in revenues respectively and net profit of THB 1,306.2 million, THB 2,201.7 million, and THB 2,416.1 million respectively. Gross loans balance between 2018-2020 stood at THB 39,724.1 million, THB 47,979.4 million, and THB 51,331.2 million respectively, while the premiums of non-life insurance collected through end of year amounted to THB 1,917.7 million, THB 2,854.3 million, and THB 4,010.9 million respectively. Ngern Tid Lor has achieved outstanding risk management outcomes, delivering a rate of Non-Performing Loans to Total Loans of 1.7% along with a Coverage Ratio of 325.1% as of 31 December 2020.
Following its listing on the SET, Ngern Tid Lor is determined to maintain its leadership in the vehicle title loan business and to strive for the leading position in its insurance brokerage business in the future. To achieve such goals, the company will use the money from IPO to expand our lending and insurance brokerage business. Ngern Tid Lor plans to improve existing branches and expand additional 500 new branches by 2023 to provide wider coverage, invest and develop the IT system and digital transformation to strengthen business operations, and use a portion of the raised funds for working capital as well as capital restructuring in anticipation of steady and sustained growth in the future.
“Our fundraising through the IPO will enable Ngern Tid Lor to boost our potential for sustainable growth, strengthen our financial status, continue our investment in digital transformation and platform-building,” says Mr. Piyasak. “Following our listing on the SET, Ngern Tid Lor is determined to be one of the leading-quality listed companies under the principle of creating fair, transparent and responsible financial opportunities for every Thai individual, while continuing to deliver steady and sustainable growth for the utmost benefits of our shareholders and all stakeholders.”
This information is disseminated to investors who should study product features, conditions, and relevant risks before making investment decisions. This information shall not be considered as an offer for sale or recommendation for sale or reservation of securities. The securities that may be mentioned or referred to in this release have not been registered and will not be registered under the US Securities Act of 1933 (“the Securities Act”). The securities as mentioned in this document could not be offered for sale or sold in the USA, and will not be offered to the public in the USA.
Distributed by the Public Relations Department of MT Multimedia Co., Ltd. on behalf of Ngern Tid Lor PCL. Website: www.ngerntidlor.com/en/home.html.
For more information, please contact: Thiyaporn Sriadunphan (Dah), T: +66-87-556-6974, E: [email protected], MT Multimedia Co., Ltd.
Topic: Press release summary
