TBN Corporation- A leader in Thai Low-Code, TBN accelerates Digital Transformation.
“TBN Corporation Limited (TBN),” the leading Low-Code provider in Thailand, announced the IPO price at 17 baht per share and scheduled the subscription period for June 12-14. The trading is expected to begin on the mai market on June 19. The capital raised will be used to support business expansion plans, enhance and develop personnel, and establish TBN as a leader in the development and provision of end-to-end Digital Solutions. TBN is recognized as a leading Low-Code provider with over 15 years of experience.
Recently, TBN signed an agreement for the initial public offering (IPO) of 25 million common shares, representing 25% of the total issued and fully paid-up ordinary shares of the company. The IPO is under the management and joint distribution of Finansa Securities Public Company Limited and CGS-CIMB Securities (Thailand) Co., Ltd., along with senior executives from securities companies and financial consultants.
Mr. Teerachat Sinlapsanont, Managing Director of Finansa Securities Public Company Limited and joint manager and underwriter of TBN’s IPO, revealed that TBN has set the IPO offer price at 17 baht per share. The subscription period will be open from June 12-14. It is expected that the stock will commence trading on the Market for Alternative Investment (mai), under the Technology (TECH) sector, on June 19, 2023, with the stock abbreviation “TBN.”
The offer price of 17 baht per share is considered reasonable, highlighting TBN’s interesting strengths as the leading provider of Low-Code platforms, a trend in the new business era that requires rapid development of software applications. Additionally, with over 15 years of experience and a team of experts in software development services, TBN is well-positioned to expand its market and meet customer needs, driving strong growth in the digital era.
Ms. Veeraya Sriwatthanakij, Head of Investment Banking Department at CGS-CIMB Securities (Thailand) Co., Ltd. and joint manager and underwriter of TBN’s IPO, mentioned that TBN is the most experienced Low-Code provider in Asia, having earned the trust of Siemens, which appointed TBN as a distributor of MENDIX software licenses to promote the use of the first Low-Code Platform in Thailand. Currently, TBN is the sole distributor, further solidifying its partnerships with global technology leaders and serving customers across various industries.
Furthermore, TBN is a leader in the rapidly growing industry with a CAGR of 31.60%, showing a positive trend in digital transformation. It provides comprehensive digital solutions with recurring income, which accounted for more than 50% of its revenue in 2565. This solidifies investor confidence in TBN’s income and positions them as a leading developer and provider of end-to-end digital solutions, widely recognized in Asia, with strong prospects for the future.
Mr. Panayu Sirikrachangsri, the CEO of TBN Corporation Limited, announced that the company is planning to expand its business through an initial public offering (IPO). This important step will support TBN’s growth strategy towards becoming a leader in developing and providing comprehensive digital solutions. The vision is to drive business transformation with Low-Code and AI-Driven approaches and elevate partner businesses to regional levels.
Approximately THB 425 million raised from the IPO will be used as working capital to expand the business. This includes enhancing capabilities and competitiveness to support the increasing trend of digital transformation. The funds will also be allocated for expanding the workforce, developing personnel, improving systems, and providing various conveniences to accommodate the growing number of projects and employees.
Moreover, TBN plans to expand its team to accommodate the growing demand for Digital Solution Services, which is expected to increase in the future due to the rising importance of technology adoption in organizations. Controlling service costs is equally important, and TBN established the TBN MENDIX Academy to ensure efficient and sustainable business management in the long term.
In terms of financial performance in 2565, TBN reported a service revenue of THB 360.55 million, an initial profit from services of THB 102.39 million, representing an initial profit margin of 28.40%. The net profit was THB 35.56 million. In the latest report for the first quarter of 2566, the company generated service revenue of THB 116.83 million, an initial profit from services of THB 49.22 million, with an initial profit margin of 42.13%, and a net profit of THB 25.98 million.
Ms. Duangphan Leelaviwat, the Financial Advisor of Pyoneer Advisory Co., Ltd., stated that TBN is considered a leader in Low-Code platforms in Thailand. This technology enables faster application development, 6-10 times faster than traditional methods, without the need for a large number of software developers. This results in higher business performance and is a trending technology in international markets, although still relatively new in Thailand. Therefore, it presents an opportunity for market expansion. Currently, TBN serves customers from various sectors, including banking, financial institutions, retail, manufacturing, and the public sector.
This funding round will support TBN in expanding its application development services and extending the software license sales to other industries, such as manufacturing and food and beverage. It will also allow TBN to enter the Asian market, targeting financial institutions, banks, insurance businesses, and other industries, to create platform solutions and expand the MENDIX service. This includes acquiring new customers and increasing sales to existing customers. This reaffirms TBN’s position as a leading developer and provider of digital solutions with a stable growth outlook for the future.