LTMH, the owner of Longtunman, a popular investment media brand, plans to float its shares on the Market for Alternative Investment to raise funds for further expansion into wealth management technology (wealth tech) and investment management.
LTMH filed a prospectus with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of no more than 50 million shares at a par value of 0.50 baht each. The proceeds will be used for expanding its wealth tech business and as working capital.
Founded in 2017, Longtunman is a social media investment page that provides complex business and investment stories in an easy-to-understand manner, so readers can apply the knowledge to their businesses and in their daily lives. It currently has more than 1 million followers.
LTMH is also a full-service online marketing consultant and operates the Blockdit media platform, which had roughly 2 million monthly active users as of June 30.
LTMH has also invested in other promising businesses, such as Talis Asset Management Co, to promote the company's business ecosystem. Talis Asset Management operates private fund and mutual fund management under the supervision of the SEC.
Thanat Teacharam, chief executive of LTMH and the founder of Longtunman, said LTMH will establish a subsidiary for operating securities brokerage services and is currently in the process of applying for a licence.
Mr Thanat's family, which currently holds 67% of the company, will dilute its ownership to 50.2% following the IPO. Outdoor Media Investment Co's 17% stake will be reduced to 12.7%, and Ake Tangkananond will see its holding diluted to 7.5% from 10% at present.
LTMH recorded total revenue of 118 million baht, 173.9 million baht and 225.7 million baht in 2021, 2022, and 2023, respectively, representing a compound annual growth rate of 38.2%. Net profit across the same period stood at 21.6 million baht, 31.1 million baht and 37.58 million baht, respectively.
In the first half of 2024, LTMH recorded revenue of 94 million baht with a profit of 3.59 million baht, compared with a revenue and profit of 95.5 million baht and 10.8 million baht, respectively, in the corresponding period last year.
In a related development, the IPO shares of Pluk Phak Praw Rak Mae Plc (OKJ) have been oversubscribed. The operator of the Ohkajhu restaurant chain offered 159 million IPO shares at 6.70 baht apiece during Sept 23-25.
The company expects the IPO shares to be traded on the Stock Exchange of Thailand on Oct 4.
