Lubricant manufacturer P.S.P. Specialties Public Co. has obtained approval for its application for an initial public stock offering that aims to raise 350 million baht (U.S $10 million).
The company will use some of the funds to upgrade its finished lubricant blending plant and to repay loans, it said in filings on the Stock Exchange of Thailand. The remainder is earmarked to be used as working capital.
PSP is the distributor for Chevron Oronite’s additives for Thailand, Cambodia and Laos and a sole distributor for Authentix, an international product inspection and certification service provider based in the U.S.
PSP claims to be the largest independent lubricant manufacturer in Thailand. It has production capacities of 212 million liters (191,000 metric tons) per year for lubricants, 27,548 tons per year for grease, 44 million liters per year for rubber process oil and 25 million liters per year for transformer oil. The company also has a lubricant blending plant in Thilawa Special Economic Zone A, Yangon, Myanmar, owned by its subsidiary, Pacific-PSP Syntech Co., Ltd.
The company provides a suite of services to meet the needs of the automotive and industrial sectors in the country. PSP has distribution centers with warehouses and provides raw material sourcing, including base oil, product design, blending, packaging, storage, and sea and air logistics and distribution.
Last July, the company announced that it is in collaboration with Thailand’s National Energy Technology Center as a member of a consortium for the research and development of biobased transformer oil using palm oil. The research involves developing a prototype oil and then testing it to ensure it meets ASTM and International Electrotechnical Commission standards.
The company reported a jump in total revenue of 31% or 13,204 million baht for the financial year ending March 31. Net profit increased 37% to 546 million baht.