mai welcomes engineering inspection service provider DEXON on March 31

mai President Prapan Charoenprawatt said DEXON will be listed and start trading on mai in the Services industry group.

DEXON provides engineering inspection services and develops technological innovations for the non-destructive testing (NDT) of structures and production equipment in petroleum, petrochemical, electricity generation, renewable energy and infrastructure industries. Its NDT services comprise conventional and advanced NDT. DEXON has four wholly owned subsidiaries namely 1) DEXON Technology Pte., Ltd. offering engineering inspection services to client groups in Singapore and nearby countries; 2) DEXON Training Center Co., Ltd. providing training on testing; 3) DEXON Mechanical Solutions Co., Ltd. providing engineering design, assembly and structural services; and 4) DEXON Technology Europe B.V. offering engineering inspection services to clients in Europe and America. In 2022, DEXON generated 63 percent of its total revenue from local services and 37 percent from overseas services. Advanced NDT contributed to 78 percent of total revenue, conventional NDT 18 percent and other services 4 percent.

DEXON has a paid-up capital of THB 238.25 million, consisting of 353.32 million existing common shares and 123.18 million newly issued shares, with a par value of THB 0.50 each. The company offered 113.18 million shares to persons at underwriters' discretion and institutional investors, up to 3 million shares to its patrons and up to 7 million shares to its directors, executives and/or employees between March 24 and 27, 2023, at THB 4.50 each for a total of THB 554.32 million in fund raised. The IPO price was based on book building and was equivalent to price-to-earnings ratio (P/E ratio) of 20.45 times. The earning per share is equal to THB 0.22, which was calculated from the company's net profit of THB 105.15 million in 2022, divided by fully diluted shares. Phillip Securities (Thailand) pcl is the financial advisor and lead underwriter.

DEXON Chief Executive Officer Mallika Kaekla said the company has over 26 years of experience in this business, with about 70 experts and experienced engineers in various fields. The company's engineers have been accredited by the American Society of Non-Destructive Testing (ASNT) and the American Petroleum Institute (API) for worldwide services. The company has more than 2,000 clients in 40 countries. The proceeds arising from the fundraising will be used to expand business in the Netherlands and the United States, fund research and development, repay financial institution loans and as working capital.

DEXON's major shareholders after the IPO are Kobkaew Kraokaew (36.33 percent), Dacon Industrial Inspections (Singapore) Pte., Ltd. (25.02 percent) and Mallika Kaekla (7.42 percent). The company's dividend policy is to pay at least 40 percent of annual net profit from its separate financial statements after tax and legal reserves.

For more information on DEXON, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.dexon-technology.com and www.set.or.th.

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