Thai Tech and Engineer Company ‘DEXON Technology’ Submits Filings to SEC for IPO in 2023

DEXON Technology PLC. (DEXON) has filed a registration statement and draft prospectus with the (Thai) Securities and Exchange Commission (SEC). To conduct an initial public offering (IPO) of 123,183,200 shares, representing 25.85% of the company’s total issued and paid-up ordinary shares. Shares will be issued at 0.5 baht per share and will be listed on the MAI stock exchange under the guidance of Phillip Asset Management (Thailand) financial advisory firm.

The capital raised from the IPO will be used to expand operations throughout Europe by developing the company’s Dutch office in The Netherlands, as well as launching new offices and establishing a presence in the United States. Raising a total of approximately 120 million baht. Investing approximately 60 million baht in the research and development of new inspection technology. Including the development of ultrasonic transducers and subsea high-pressure connectors. An additional 110 million baht will be allocated to repay outstanding loans and the remaining being used as working capital.

DEXON is a technology and engineering company providing non-destructive testing and inspection of structures and production equipment in the oil and gas and petrochemical industries. 

Services are divided into 4 categories:

  • Advanced inspection technology
  • Conventional inspection technology
  • Training services
  • Engineering design, assembly, installation, and maintenance services


With the majority of customers in the oil and natural gas, energy, petrochemical, and construction industries. Services offered are part of routine planned safety and maintenance programs. The Company and its subsidiaries generate revenues from both domestic and foreign markets. The domestic market accounted for 65% of revenue and international markets accounted for 35% of revenue between 2019 and 2021.

The Company has established the following subsidiaries:

  1. DEXON Technology PTE Limited (DTS) serves customers in Singapore and neighboring countries.
  2. DEXON Training Center Co., Ltd. (DTC) provides inspection training services throughout Southeast Asia, promoting and enhancing inspection knowledge and competencies for personnel both inside and outside the company. With training courses covering both technical and soft skills.
  3. Dexon Mechanical Solutions Co., Ltd. (DMS) provides the development and fabrication of specialized components in addition to maintenance and repair services.
  4. Dacon Europe BV (DEBV) was established in the Netherlands to provide operations covering customers in Europe and the Americas.

DEXON aims to become a leading international developer of advanced specialty inspection technologies. The company has continuously expanded its scope and capabilities to provide services in all regions of the world. Now with more than 340 personnel worldwide. 

The company sees opportunities and additional expansion potential providing smart pigging services in North America and across Europe. In particular, high-resolution crack detection and sizing down to less than 1mm. With the development of the UT-CS Hawk ILI system in collaboration with ExxonMobil, an American multinational oil and gas corporation. With a successful long-length inspection run performed in Canada in mid-2022. 

Capital raised from the IPO will be used to fund DEXON’s European expansion.  The expansion of DEXON Technology Europe provides tax benefits as defined in the double taxation agreement, scheduled for implementation in 2024. With a high number of aging pipelines requiring inspection before 2024.

Majority shareholder structure is as follows: Ms. Kobkaew Kraokaew, currently holds 173,126,400 shares or 49% which will be reduced to 36.33% after the IPO, Dacon Industrial Investment Company (Singapore) PTE Limited holds 119,244,000 shares or 33.75% which will be reduced to 25.02%, and Mrs. Mallika Kaekla holding 35,331,600 shares, or 10.00%, will be reduced to 7.41%.

Dexon Industrial Investment Company (Singapore) PTE Limited operates by holding shares in a holding company and does not engage in any business operations other than investing in DEXON Technology Pte., Ltd located in Singapore. With registered capital of $16,909 Singaporean dollars and owned by three Norwegian citizens: Mr. Stenette Trigev Thormod (a director of the Company and its subsidiaries), Mr. Borre Reksten and Mr. Borre Aleksander Borretzen.

From 2019 to 2021, the Company and its subsidiaries returned sales revenues of 574.54 million baht, 438.98 million baht, and 433.47 million baht respectively. With net profits of 41.52 million baht, 11.04 million baht, and 18.15 million baht respectively.

Q1 and Q2 of 2022 produced sales revenues of 259.89 million baht.  Due to the increase in revenue from the sale of advanced non-destructive inspection services primarily from international customers, and decreased cost of hiring contractors, net profit margins increased from negative (13.68%) in the first half of 2021 to 16.05% in the first half of 2022. Bringing the company’s net profit margin to 41.99 million baht. Equating to a turnaround from a loss of 24.36 million baht during the same period in the previous year.

As of the 30th of June 2022, the Company held total assets of 568 million baht, total liabilities of 458.62 million baht, and equity of 109.38 million baht.

The Company policy requires the payment of yearly dividends of not less than 40% of net profit after the deduction of corporate income tax and legal reserves.