News & Activities 7 September 2021

Bluebik (BBIK) sets IPO price at 18 baht per share on Sept 8-10

Reflecting its strength in digital transformation consulting
To help customers unlock their potential to benefit from digital economy

Bluebik Group Public Company Limited sets its initial public offering (IPO) price at 18 baht per share. It plans to offer its newly issued shares to investors on September 8-10 and confidently expects a warm welcome from them for the potential of its digital transformation consulting which provides its customers with the possibility of limitless growth. Its consulting services have attracted leading organizations and resulted in its outstanding growth from 2018 to 2020 and also in the first six months of this year. The company plans to expand its business by increasing its capable personnel, developing technology and digital products, setting up a product research and development center, additionally investing in relevant business, developing software for its operations and expanding its office space.

On September 6, 2021, Bluebik Group pcl (BBIK) appointed Yuanta Securities (Thailand) Co., Ltd. and Kasikorn Securities pcl as the lead underwriters and Asia Plus Securities Co., Ltd. and RHB (Thailand) pcl as the underwriters.

Mr. Phayuphat Mahaphon, Managing Director for Investment Banking at Yuanta Securities (Thailand) Co., Ltd. which is the financial advisor and lead underwriter, said that Bluebik Group pcl filed its application with the Office of the Securities and Exchange Commission (SEC) for the initial public offering (IPO) of 25 million shares which formed 25% of its common shares and registered paid-up capital and the Office of the SEC approved the filing which already took effect.

At the latest development, Bluebik Group pcl sets its IPO price at 18 baht per share, plans to offer its shares to investors on September 8-10 and expects its listing on the Market for Alternative Investment (mai) within September. The IPO is likely to receive a warm welcome from investors because Bluebik Group pcl has strong fundamentals, is a leading consultancy in digital transformation in Thailand, has executives and staff with experiences and expertise, offers a wide range of innovation and technology consulting and is capable of serving the corporate clients that want to enhance their competitiveness.

Mr. Pongsak Phrukpaisal, Managing Director of Kasikorn Securities pcl which is the co-lead underwriter, said Bluebik Group pcl introduced the first IPO in digital transformation consulting in Thailand, had potential to grow along with the digital economy and would benefit from corporate clients’ demand for digital transformation which was a global trend. Therefore, leading corporate clients in various sectors that want to increase competitiveness have sought its services and led to its rapid growth.

The listing of Bluebik Group pcl on mai will develop potential and boost strength for the planned business expansion. The fundraising is aimed at increasing its workforce, developing the potential of personnel, innovating digital technology products, developing and improving software for internal use, expanding office space, investing in related business and supporting its working capital.

Mr. Pochara Arayakarnkul, Chief Executive Officer of Bluebik Group pcl (BBIK), said the company aimed to be “a leading consultancy on comprehensive digital transformation”. It applies the experiences and expertise of its executives and personnel who worked for world-class consultancies to offer advice on innovation, technology and strategies to unlock potential for the limitless growth of organizations and digitize their operations. Present corporate clients of Bluebik are leading companies in various sectors including finance, insurance, retail and telecommunications. They are using Bluebik’s services which fall into 5 main categories namely Management Consulting, Strategic PMO, Digital Excellence and Delivery, Big Data & Advanced Analytics and IT Staff Augmentation.

The company plans many areas of business expansion for its steady growth. The planned expansion consists of 1) increase in its staff, the development of their technological skills and the establishment of its Learning Academy Center; 2) Software as a Service (SaaS) development and the foundation of its Research and Development Center; 3) the improvement of intraorganizational management via software development to support its growth; 4) office expansion to accommodate a bigger workforce; 5) investment in related and potential business to spur growth and cope with market fluctuations; and 6) increase in its working capital.

At the latest development, Bluebik Group together with PTT Oil and Retail Business Public Company Limited (OR) set up ORBIT Digital Company Limited (ORBIT). OR through its subsidiary Modulus holds a 40% stake and Bluebik Group has a 60% stake in the new company founded to develop innovations and digital capabilities to provide customers with good experiences. The registered capital of the joint venture was raised to 50 million baht to enable it to apply technologies and innovations to increase value, create new business opportunities and make OR the leader in retail. Bluebik Group expects to recognize income from ORBIT from late this year.

Bluebik Group recorded revenue from its products and services at 132.76 million baht, 184.94 million baht and 200.53 million baht in 2018, 2019 and 2020 respectively. The compound annual growth rate (CAGR) of its revenue was at 22.90%. Its yearly net profits were at 19.22 million baht, 31.71 million baht and 44.29 million baht respectively, showing the CAGR of 51.8%. During the first six months of this year, the company generated income from sales and services at 126.92 million baht, up by 39.47% from the same period of last year. The revenue resulted in its net profit of 30.06 million baht which represented the net profit margin of 23.67%. The performance was based on increasing income from its Digital Excellence and Delivery, Management Consulting and Big Data & Advanced Analytics services.