Siam Dessert, a dessert business under the brand “Teng Nueng,” has filed to sell 56 million shares of IPO to enter the mai market.
Siam Dessert, owner of the dessert brand "Teng Nueng" in Nakhon Pathom Province, files for an IPO of 56 million shares to enter the mai market to expand a new factory and repay loans.
On December 27, 2567, Siam Dessert Public Company Limited (TENG1) filed its registration statement and draft prospectus with the Securities and Exchange Commission (SEC) to offer 56 million newly issued shares to the public in its initial public offering (IPO), representing 28% of the total issued and paid-up ordinary shares after the IPO. The company will be listed on the Market for Alternative Investment (mai), with S14 Advisory Company Limited acting as the financial advisor.
The Company has the following objectives for using the funds raised:
- Increase production efficiency at existing factories
- To expand production capacity by expanding the factory on existing vacant land and building a new factory.
- Repay the loan
- To be used as the company's working capital.
TENG1 manufactures and distributes sweets, syrups, and ingredients for desserts and non-alcoholic beverages under the brand name “TENGXNUMX”.
The company started its business by producing and distributing grass jelly and grass jelly juice as its first products. It has since continued to develop its products. At present, the company has a wide range of products, such as grass jelly, grass jelly in syrup, ready-to-drink beverages, jelly snacks, ready-to-eat snacks in cups, concentrated syrups of various flavors, etc.
The company distributes its products through its main channels, namely, the Dealer system and Teng-One Man (the dealer's employees), which distributes products to grocery stores, restaurants, bakeries, and beverage shops to reach consumers nationwide. The company also provides OEM production services to food and beverage business operators.
As of October 3, 2567, the Company has a registered capital of 100 million baht and a total paid-up registered capital of 72 million baht. The head office and manufacturing plant are located in Nakhon Pathom Province. As of September 30, 2567, the Company has a total of 91 distributors and a total of 312 Teng Nueng Man distributors.
The company aims to expand its production capacity to support business growth with two planned projects as follows:
1. Expand the existing factory, set aside an investment budget of 80 million baht, using it to buy an additional 4 rai of land for about 20 million baht, and to build a building and purchase machinery for another 60 million baht. It is expected that this will increase production capacity to support sales by more than 250 million baht per year from the current production capacity of 650 million baht per year, which will increase production capacity by about 38%. Investment will begin in 2568-2569.
2. Expand production capacity by building a new factory in a province that is a connecting point between the upper central region, the north, and the northeast. Initially, it is expected to be in Phichit or Phitsanulok provinces during 2569-2570, with an investment budget of approximately 120 million baht.
It is divided into the purchase of 10 rai of land for approximately 40 million baht and investment in the construction of a factory and machinery for approximately 80 million baht, which will be able to support sales of approximately 400 million baht per year and is expected to reduce transportation costs by approximately 30% and help reduce delivery times.
The shareholding structure of the Company as of October 3, 2567, is the Wattana-Akkaraphokin and Sudfung families holding 100,800,000 shares, or 70.00%. After the IPO, the proportion will be reduced to 50.40%. Mr. Sompol Rerkwibulsri, 14,400,000 shares, or 10.00%, will be reduced to 7.20%.
In 2564-2566, the company had revenue of 260.31 million baht, 356.97 million baht, and 456.04 million baht, respectively. The continuous increase in revenue was due to the number of dealers increasing from 78 to 84 and 83, and the increase in sales of each dealer. Net profit was 10.51 million baht, 17.42 million baht, and 32.52 million baht.
The first 9 months of 2567 had total revenue of 363.28 million baht and net profit of 19.95 million baht.
The Company has a policy to pay dividends to shareholders at a rate of not less than 50% of net profit of the separate financial statements after deducting corporate income tax, legal reserves and other reserves. However, the Company may consider paying dividends different from the specified policy, which will depend on the Company's operating results, financial liquidity, investment plans and other factors related to the Company's management.
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