Bangkok: The MAI Stock Exchange is preparing to welcome Frontline Engineering Public Company Limited (FLE) as it begins trading under the Industrial Products sector on September 1, 2026. FLE will use the funds raised to invest in machinery, expand production capacity, repay debt, and for working capital.
According to Thai News Agency, Mr. Prapan Charoenprawat, Manager of the Market for Alternative Investment (mai), expressed that the exchange is pleased to list FLE, which will trade under the ticker symbol 'FLE'. FLE specializes in the supply, sale, and rental of water pumps, importing equipment from globally recognized manufacturers. The company also offers contracting services for electrical and mechanical systems, serving primarily government clients such as the Royal Irrigation Department.
Mr. Panu Chokapirat, CEO of FLE, emphasized the company's two decades of expertise in large-scale pumping systems and highlighted their comprehensive service offerings from consulting to after-sales service. The funds from the IPO will support expanding the pump rental business and increase production capacity.
FLE's paid-up capital post-IPO is 150 million baht, with shares priced at 1.23 baht each, resulting in a total IPO value of 123 million baht. The market capitalization at this price is 369 million baht, with a P/E ratio of 25.99 times. Fin Plus Advisory Co., Ltd. serves as the financial advisor, while Phillip Securities (Thailand) Public Company Limited acts as the underwriter and lead manager.
Major shareholders post-IPO include Mr. Panu Chokapirat with 54.13% and Ms. Mananya Tengamnuay with 6.53%. FLE has committed to a dividend policy of paying no less than 30% of net profit to shareholders, following necessary deductions.