BANGKOK, April 21 — The Ichitan Group, Thailand’s largest ready-to-drink tea beverage manufacturer, began trading today on the Stock Exchange of Thailand (SET), using ICHI as its symbol for trading.
Ichitan Group Chairman and CEO Tan Passakornnatee said he was satisfied with the company’s SET stock launch as it opened at Bt16.50, 26.92 per cent above its IPO price.
Ichitan reportedly plans to raise Bt3.9 billion by offering 300 million newly-issued shares to the public at Bt13 baht each.
Mr Tan said that the company succeeded to achieve stock market listing in 3 years 8 months and 17 days from its target of five years.
Sales proceeds will be used to expand production capacity, as the second phase of its factory construction was expected to be completed this year so it can achieve production of 1 billion bottles annually from its initial 600,000 bottles per year.
He expects sales of Bt10 billion within two years from present revenue of Bt6.8 billion.
Last month, Ichitan captured a 49% market share in the ready-to-drink green tea market, he said.
Mr Tan is a well-known businessman having founded the Oishi Group, the second largest tea maker after Ichitan, in 1999. He sold the Oishi Group in 2008 and established Ichitan in 2010.
The Ichitan Group produces, markets, and exports green tea, organic green tea, herbal juices, dragon tea, and other drink products. (MCOT online news)