SET welcomes food and seasoning manufacturer and exporter NRF on October 9

Stocks and Financial Services Press Releases Friday October 9, 2020 09:36
Bangkok--9 Oct--SET

The Stock Exchange of Thailand (SET) will list NR Instant Produce pcl, a leading manufacturer and exporter of food and condiments on October 9, under the ticker symbol “NRF”. The company has a market capitalization at its initial public offering of THB 6.23 billion (approx. USD 197.8 million) .

SET Senior Executive Vice President Manpong Senanarong said that NRF would list and start trading on SET in the Agro & Food industry group, Food & Beverage sector.

NRF manufactures and distributes condiments, ready-to-cook food, ready-to-eat meals and instant drinks, and plant-based protein food. It currently exports over 2,000 types of products and more than 500 food recipes to over 25 countries worldwide. NRF’s three main business groups are: 1) Ethnic food consisting of OEM business and products under the company’s own brands; 2) Plant-based food consisting of plant-based protein food; 3) Functional product consisting of products with specific functions and non-food consumer products contained in eco- and consumer-friendly packaging. The company is committed to sustainable business practices, aiming to become a leader in eco-and consumer-friendly food manufacturing and distribution industry in compliance with international standard of manufacturing process, particularly food safety.

NRF has a paid-up registered capital of THB 1.36 billion, consisting of 1.066 billion existing common shares and 290 million newly issued shares, with a par value of THB 1 each. It offered the entire newly issued and another 50 million existing shares to the public during September 28 - October 5, 2020 at THB 4.6 each for a total of THB 1.56 billion. Siam Commercial Bank pcl is its financial advisor and SCB Securities Co., Ltd. is lead underwriter.

NRF Chief Executive Officer Dan Pathomvanich said the listing on SET will enhance NRF’s competitive edge, increase business expansion opportunities, and build financial strength. The fund raised will be used to enlarge production capacity, increase distribution channels and add investment valuation in companies with expertise in plant-based food, to finally transform into 'the future food firm.

NRF’s dividend policy is to pay no less than 30 percent of net profit after reserves. However, the company’s dividend payout may be different from this policy subject to the company’s performance, financial position and liquidity and other factors related to the company’s operation and management.

NRF’s major shareholders after IPO are Pathomvanich family (68.2 percent) and Dusit Foods Co., Ltd. (5.00 percent). The IPO price was set by a book building process among institutional investors, equivalent to price-to-earnings (P/E) ratio of 82.71 - 95.12 times, calculated from a net profit of THB 65.6 million over the latest four quarters (starting from September 23, 2019 to September 21, 2020), divided by fully diluted shares, representing earnings per share of THB 0.05.

For more information on NRF, please see the company’s prospectus at the Securities and Exchange Commission’s website at; and for general information, please visit as well as

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