The subsidiary of Thai Union Group, i-Tail Corporation Public Company Limited (PCL), plans to go public on the Stock Exhange of Thailand (SET).
According to the global seafood producer, Securities and Exchange Commission (SEC) authorized the initial public offering (IPO) of 660 million shares (600 million new shares and the sale of 60 million existing ones).
Thailand-based shareholders can purchase 132 million shares since 4 November. Pursuant to Thai Union, the ratio of Thai Union’s ordinary shares to i-Tail Corporation’s newly issues ordinary shares is 34.9935.
On 16 November, i-Tail Corporation’s leader host an IPO briefing for investors and interested enterprises providing all relevant information and a tour through the R&D and pet research department.
The funds shall be used to improve and increase production as well as to expand the oversea business.
In the first half of the year, the company could increase its turnover by 38% (9.71 billion baht = $259.55 million USD) on the one hand, and its net profit by 40% (2.26 billion baht = $60.35 million USD) on the other hand.
“Our growth in the first half underscores the company’s commitment of co-creating products with customers (co-creation) with innovation to meet the needs of consumers,” said Pichitchai Wongpiya, CEO of i-Tail Corporation PCL. “The company has gained the trust of major partners around the world, resulting in higher sales.”
The premium pet food brands by Thai Union Marvo, Bellota, Paramount and Calico Bay can be purchased in North America, Europe, Asia, Japan and Australia under private label brands. Customers have a great variety of taste, texture and format.
To push its pet food and treat production, the company uses its human food supply chain. Currently, the company runs 4 production plants: US Pet Nutrition, LLC in Lyons, Ga.; Yueh Chyang Canned Food Co., Ltd. in Vietnam; Songkla Canning PCL in Thailand; and Thai Union Manufacturing Co., Ltd. in Thailand.
“i-Tail is committed to driving business to produce nutritious pet food with science and innovation that is more advanced than conventional food products,” Wongpiya added. “Through the creation of new products under the concept of pet humanization, pet food is upgraded to a premium food with pet’s needs at the heart of the matter for the good health of our pets, our families and our planet.”
As to the Thai Pet Food Trade Association, Thailand was the third largest pet food exporter worldwide in 2021. This year, Thailand could even increase the export volume by 43% within the first seven months.
Advertisement
