Dr. Sompop Sakphanphanom, Chairman of Asset Pro Management Co., Ltd. (APM), as the financial advisor of Smothong Group Public Company Limited (SMO), stated that the company received an excellent response from investors nationwide, with subscriptions for the entire allotment of 231.60 million IPO shares of SMO. This robust demand reflects investors’ strong confidence in the company’s solid fundamentals.
The three major shareholder families — the Puangmala family, the Piriyetyanggoon family, and the Lim family — all demonstrated their confidence in the company’s potential by agreeing to lock up all their shares. At the same time, the vast majority of retail investors also committed to holding their shares long-term, with only 3% making an exception. This underscores the stability of SMO’s shareholder structure and long-term growth direction.
Additionally, the company’s existing shareholders, including executives and related persons, are subject to a Silent Period under the Stock Exchange of Thailand (SET) regulations for one year from the first trading day, signifying strong confidence in the company’s prospects and future.
Mr. Somsak Sirichainarumitr, Chief Executive Officer of APM and financial advisor, stated that the company is fully prepared for its first trading day on SET on November 10, 2025, under the Agriculture & Food Industry/Agribusiness sector. SMO possesses a solid business foundation and expertise in crude palm oil refinery operations, positioning it as a growth stock. Over the past three years, SMO has exhibited sustained growth in operations, management, and a shareholder structure that affirms strong confidence by management and investors.
For the years 2022-2024, SMO recorded total revenues of THB 6.87 billion, THB 5.89 billion, and THB 6.26 billion, respectively, and net profits of THB 129.52 million, THB 218.78 million, and THB 259.62 million, representing net profit margins of 1.89%, 3.71%, and 4.14%. In the first half of 2025, the company reported total revenue of THB 4.96 billion, up 42.58% year-on-year, with net profit of THB 518.51 million and a net margin of 10.55%. This represents an over 305% increase in net profit from the same period last year, reflecting the company’s consistently strong business performance.
Mr. Somphop Keerasuntonpong, Managing Director of Finansia Syrus Securities, as the lead underwriter and bookrunner of SMO’s capital increase, stated that he is pleased with the positive response from investors, who fully subscribed to the 231.60 million IPO shares at a par value of THB 1 per share, representing 25.17% of the company’s total paid-up shares. The IPO price was set at THB 5.40 per share, reflecting a price-to-earnings ratio (P/E Ratio) of 7.6 times.
SMO’s earnings per share over the last twelve months (July 2024 – June 2025) totaled THB 650.32 million, divided by 920 million shares, resulting in fully diluted earnings per share of THB 0.71, which is lower than the average P/E ratio of 9.8 times for listed companies in the same industry group. This highlights SMO’s growth potential and value attractiveness. The company has adopted a dividend payout policy of not less than 50% of net profit, consistent with its solid business fundamentals and financial strength, positioning SMO as an industry leader with high growth potential.
Mr. Kittipong Puangmala, CEO of SMO, expressed his gratitude to all investors for their warm confidence and support during the IPO subscription. He noted that this fundraising not only significantly strengthens the company’s financial position but also marks a critical step toward becoming a sustainable, steadily growing organization.
The company plans to use the proceeds to expand investments in crude palm oil production and distribution, including expanding manufacturing facilities to other locations, enhancing competitive capacity in the industry, investing in related businesses within the same supply chain, reinforcing overall business structure, funding environmental efficiency improvements in production processes, servicing financial institution loans, and providing working capital for ongoing stable business operations.
“This excellent response from investors demonstrates strong confidence in SMO’s solid fundamentals and long-term growth potential. I would like to thank all investors, financial advisors, underwriters, and all parties involved in making this IPO a resounding success. The company is fully prepared for the first day of trading on the Stock Exchange of Thailand and is confident of continued investor support in the future,” Mr. Kittipong concluded.
