MEB opened for trading on the first day at 45 baht, an increase of 16.50 baht or +57.89% from the IPO price of 28.50 baht.
Globlex Securities stated in its analysis that MEB Corporation Plc. (MEB) entered the mai market with the IPO price equal to 28.50 baht, representing Trailing PE 26.64x.
MEB is a leading e-book distribution business through meb and readAwrite platforms, Thailand’s leading online literary reading platform.
During 2019-21, total revenue was 619 million baht, 1,005 million baht, and 1,456 million baht, respectively, growing continuously at an average CAGR of 53% per year from both meb and readAwrite platforms according to the average monthly active user (MAU). ) is continuously increasing.
The meb platform with a revenue proportion of more than 95% has MAUs of 0.34 million/month, 0.49 million/month and 0.51 million/month, respectively, while the income per MAU has increased to 1,747 baht/user, 1,960 baht/month. and 2,693 baht/person, respectively. The %GPM improved to 26.56%, 27.28%, and 28.34%, respectively, from economies of scale, resulting in a net profit of 82 million baht, 165 million baht, and 275 million baht, respectively.
While the 9M22 period had income and net profit of 1,264 million baht, 23%YoY and 241 million baht +24%YoY, with an MAU of 0.58 million baht/month and an income per MAU of 2,001 baht/person.
IPO price = 28.50 baht (equivalent to Trailing PE 26.64x compared to GLORY peers whose PE = 39.9x) Amount of IPO = 75 million shares, equivalent to a fundraising value of approximately 2,152 million baht. The objectives are 1) used for Expand business in current platform (meb readAwrite and Hytexts) 2) Used for new business expansion related to current business to foreign countries 3) used to improve the current platform and 4) as working capital for business operations
