Greyhound Thailand parent to launch IPO

Retail food and lifestyle brand group Mudman – the parent of Greyhound Thailand and franchised fast food chains – has launched an IPO.

The company aims to sell 210.98 million shares, the proceeds to be used for further investments domestically and abroad.

Mudman is a holding company investing in such F&B franchises in Thailand as Au Bon Pain, Baskin Robbins and Dunkin Donuts. It also has its own brands such as Anotherhound Cafe, Greyhound Cafe, Greyhound Original and Mudman Boutique Hospitality & Catering Services domestically and internationally. Subsidiary Greyhound Co runs a fashion business with 16 branches.

In its filing, Mudman says it will use the IPO proceeds to expand abroad, particularly in Cambodia, Laos, Myanmar and Vietnam. At the same time, it will improve its franchise business with plans to add healthy food into Au Bon Pain cafe or provide internet access in Dunkin Donut outlets.

It will also develop a community mall in Bangkok’s Thonglor area, with total investment of about 50 million baht.

Mudman reported total revenue of 2.89 billion baht last year, up from 2.24 billion baht in 2014. In the first six months this year, it generated total revenue of 1.48 billion baht with a net loss of 19.5 million baht.


According to the filing, its registered capital will increase from 854.9 million baht (US$24.5 million) to 1.05 billion baht. Half of the IPO shares will go toward its major shareholder, Sub Sri Thai, the other half being offered to the public. Sub Sri Thai has an 80.3 per cent shareholding in Mudman, which will reduce to 64.27 per cent upon the IPO completion.

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