Shares of Dhanamitr Factoring (DM) have surged THB2.30, or 16 per cent, to THB16.60 on its first trading day, buoyed by optimism over the company's business prospects and attractive offering price.
However, the upside is limited by profit taking in select stocks after their recent gains, analysts say.
Dhanamitr Factoring, backed by the Siam Commercial Bank and Central Group, the retailer, has developed a highly specialised niche in receivables finance by being one of the few finance companies offering factoring services to suppliers of modern trade stores.
This month, DM sold 4m shares to the public at THB14.30 per share, raising its paid-up capital to THB100m and its premium on share capital to THB37.2m. Proceeds of the IPO will be used to finance business expansion.
