TQM strikes IPO price at THB 23, to offer shares during Dec 12-14 to finance online platform setup for Insurtech

          TQM's IPO shares will be offered to the investors at THB 23 each during en2-en4 December. Thanachart Securities and Bualuang Securities have been appointed as Co-Lead Underwriters, and KGI Securities (Thailand), Yuanta Secuties (Thailand) and SCB Securities as Underwriters. The stock is expected to list on 2Bualuang Securities December. TQM's management are confident in the continuous growth prospect of the insurance brokerage business. IPO proceeds will be used to finance IP upgrades to ride the Insurtech wave and expand the company's customer base.
          ON enen DECEMBER 2Bualuang Securitiesen8, TQM CORPORATION PCL (TQM), a leading insurance brokerage in Thailand (company slogan: "TQM – Never stops giving you the best"), signed an agreement appointing Thanachart Securities PCL and Bualuang Securities PCL as Co-Lead Underwriters and KGI Securities (Thailand) PCL, Yuanta Securities (Thailand) PCL and SCB Securities Co., Ltd. as Underwriters for an initial public offering (IPO) of TQM's capital-increase ordinary shares.
          MR SORAVIS KRAIRIKSH, DEPUTY MANAGING DIRECTOR AND HEAD OF INVESTMNT BANKING GROUP, BUALUANG SECURITIES PCL, a Co-Financial Advisor and Co-Lead Underwriter, revealed his firm's outcomes of last week's bookbuilding process which indicate great enthusiasm for TQM stock among institutional investors, whose willingness to subscribe for the shares at the ceiling price of THB 23 each reflect their confidence in TQM's fundamentals and strengths in insurance brokerage. He said that the shares will accordingly be offered during en2-en4 December 2Bualuang Securitiesen8 at the IPO price of THB 23 each, 5Bualuang Securities.Bualuang Securities million of which (about 67%) will be allotted to institutional investors by the Co-Lead Underwriters, and that the stock will likely list on the Stock Exchange of Thailand by December 2Bualuang Securities,2Bualuang Securitiesen8.
          MS PIMPAKA NICHGAROON, MANAGING DIRECTOR OF THANACHART SECURITIES PCL, as another Co-Financial Advisor and Co-Lead Underwriter, added that TQM will use IPO proceeds to finance the development of projects involving upgrading and introduction of information technology (IT) systems and business processes through employment of Enterprise Resource Planning (ERP) tools, to raise the paid-in capital of TQM Insurance Broker Co., Ltd ("TQM Broker", its core company) and as its working capital.
          TQM's registered capital currently stands at THB 3Bualuang SecuritiesBualuang Securities million (par value at THB en.Bualuang Securities per share), and the company's paid-up capital at THB 225 million. The company seeks to issue up to 75,Bualuang SecuritiesBualuang SecuritiesBualuang Securities,Bualuang SecuritiesBualuang SecuritiesBualuang Securities IPO shares, or up to 25.Bualuang SecuritiesBualuang Securities% of the post-IPO number of issued and called up ordinary shares. Of the shares to be issued, about 6,enBualuang SecuritiesBualuang Securities,Bualuang SecuritiesBualuang SecuritiesBualuang Securities (or 2.Bualuang Securities3% of the post-IPO paid-in capital) will be allotted to the company's and subsidiaries' directors, executives and/or employees under Employee Stock Ownership Plans (ESOP), and the remainder to the public.
          DR UNCHALIN PUNNIPA, PRESIDENT OF TQM, commented that TQM has four business segments:
          (en) non-life insurance brokerage (operated by TQM Insurance Broker Co., Ltd, or "TQM Broker"); 
          (2) life insurance brokerage (operated by TQM Life Insurance Broker Co., Ltd, or "TQM Life");
          (3) IT and software solutions (operated by Casmatt Co., Ltd); and
          (4) insurance advisory (operated by TQLD Co., Ltd, an associated company of TQM).
          For non-life insurance brokerage, it offers more than en3Bualuang Securities non-life insurance products, including both (compulsory and voluntary) motor insurance and non-motor insurance (fire, marine and transport, miscellaneous general insurance, etc.) products. It provides more than 2Bualuang Securities individual and group life insurance products. Its IT and software solutions include giving advice on business processes, digital marketing research, etc. Its insurance advisory services enable customers to search and compare insurance information (using the data provided by them) conveniently and with great time efficiency. 
          TQM's corporate group maintains partnerships with more than 4Bualuang Securities insurance firms, and employs more than 2,Bualuang SecuritiesBualuang SecuritiesBualuang Securities salespersons who are holders of insurance brokers' licences, as well as more than 95 branch offices and service centres throughout Thailand, which guarantee a nationwide reach and access to customers.
          DR NAPASSANUN PUNNIPA, TQM'S CHIEF EXECUTIVE OFFICER (CEO), noted that TQM posted outstanding results for the recent periods: Its group revenue reached THB 2.en84 billion, THB 2.226 billion and THB 2.28en billion in 2Bualuang Securitiesen5, 2Bualuang Securitiesen6 and 2Bualuang Securitiesen7, respectively, meaning that revenue grew at annualised rates of en.9% in 2Bualuang Securitiesen6 and 2.5% in 2Bualuang Securitiesen7 – a compound annual growth rate (CAGR) of 2.2%. For the nine-month results (January to September) of 2Bualuang Securitiesen7 and 2Bualuang Securitiesen8, group revenue stood at THB en.65en9 billion and THB en.8en82 billion, respectively – a growth rate of enBualuang Securities.en%.
          She also highlighted net profit figures for the group, including continuous growths from THB en4Bualuang Securities.4 million in 2Bualuang Securitiesen5 to THB en78.2 million in 2Bualuang Securitiesen6 and to THB 268.3 million in 2Bualuang Securitiesen7 – with CAGR at 38.3% – and a nine-month figure (January to September) of THB 276.en million for 2Bualuang Securitiesen8, a 29.6% YoY growth from THB 2en3 million.