Sino Logistics Corporation (Sino), Thailand's leading sea freight servicer, has filed for an initial public offering (IPO) to float up to 292 million shares on the Thai bourse, aiming to raise funds for business expansion this year in Thailand and abroad.
Chief executive Nanmanus Witthayasakpant said the company, which provides international end-to-end shipping services, wants to become a logistics leader in Southeast Asia, following continuous growth in revenue.
"We are determined to operate our business under the concept 'Sync the World', offering complete logistics service solutions with standards and quality that ensure customer confidence and drive sustainable growth," Mr Nanmanus told a briefing yesterday.
According to Datamyne, the company ranks first in Thailand and sixth globally as a marine freight forwarder on the Thailand-US route, which has the highest volume of transport.
The company's revenue has grown significantly since 2019, when it amounted to 628 million baht. In 2020, Sino recorded 884 million baht in revenue. Last year, income totalled 5.9 billion baht, up from 4.68 billion in 2021.
The core business of Sino focuses on providing a full range of international freight forwarding services, with business alliances in more than 165 countries globally such as shipping and airline companies.
Of all the services, sea freight comprised the largest portion of the firm's business in 2022 (97.1%), followed by logistics support (1.44%), air freight (0.70%) and warehouse services (0.36%).
Mr Nanmanus expects freight charges to slightly improve this year from last year.
"The increase in demand, particularly following China's border reopening, will benefit certain goods from Thailand such as fruit," he said.
The company is preparing to float IPO shares that will consist of 240 million newly issued ordinary shares and 52 million shares offered by a Hong Kong partner, accounting for 23.08% and 5% of the companies' paid-up capital, respectively. The proceeds are for expansion of the container storage service area, investment with business partners both domestically and in Southeast Asia, investment in related businesses, working capital for operations, as well as future mergers and acquisitions, said Mr Nanmanus.
