P.S.P. Specialties Public Co. on Aug. 30 conducted an initial public stock offering – putting up for sale around 25% of its shares to raise money for an upgrade of its Thailand lubricant blending plant and to pay off debt.
The company offered 350 million shares of stock, opening the sale at 6.2 baht (U.S. $0.17) each. The price ranged up to ฿12 per share during the offering, and shares were selling the next day for ฿10 per share.
In May, PSP obtained approval for an application for the initial public stock offering. In filings on the Stock Exchange of Thailand, the company said it would use some of the funds to upgrade its finished lubricant blending plant and to repay loans, in filings on the Stock Exchange of Thailand. The remainder was earmarked to be used as working capital.
The proceeds would also be used to improve the company’s distribution center and support sustainable future growth, the company said in an Aug. 30 press release.
Billing itself as the largest independent lubricant manufacturer in Thailand, PSP 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.
In the press release, PSP CEO Sin Krongphanit noted that PSP is studying and researching products, such as gear oil and grease for electric vehicles, cooling products for EV batteries, lubricants and grease products for EVs and biobased transformer oil.
PSP distributes Chevron Oronite’s additives in Thailand, Cambodia and Laos and serves as sole distributor for Authentix, an international product inspection and certification service provider based in the United States.
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.