Pigeon producer sets IPO price range

       Moong Pattana International, a leading trading company and distributor of the Pigeon brand of home and childcare products, expects to set its initial public offering price at 2.85 to 3.32 baht per share, says its financial adviser Asia Plus Securities.
       Asia Plus said the valuation will be equal to six to seven times earnings,with an expected book value of 2.47 baht per share.
       The actual offering price will be set on Sept 21. Moong Pattana will float 30 million new shares at one baht par value,with 24 million distributed to the public,4 million to company sponsors and 2 million to staff under an employee stock option programme.
       The placement date for the offering is set for Sept 23-24, with the shares to begin trade on the Market for Alternative Investment on Oct 1.
       Sumeth Lersumitkul, the chief executive of Moong Pattana, said funds raised from the offering would be used for debt repayment, working capital and business expansion.
       Moong Pattana was founded in 1981 by Mr Sumeth, and began trading Pigeon branded products in 1988.
       The company's products include maternity and childcare items, cotton buds,sprays and knives.
       After the IPO, the Lersumitkul family's holding will fall to 74.69%, with public investors holding 23.33% and employees having a 1.67% stake.
       Moong Pattana reported first-half revenue of 205.8 million baht, up from 196.6 million in the same period last year.First-half net profit increased to 27.5 million baht, up from 26 million in the same period of 2008.
       Pigeon maternity and childcare products contributed about 75% of firsthalf revenue, while kitchenware provided about 10%and investments and dividends generated 9%.
       The company's investments include 47% of Thai Pigeon,6% of Yoshino Moong Pattana (Thailand), and 2.5% of Pigeon Industries (Thailand).
       The IPO underwriters are Asia Plus Securities, Thanachart Securities, Finansia Syrus Securities and Country Group Securities.