Ichitan IPO Tipped To Earn '3.9 Billion Baht'

Mr. Tan Passakornnatee (photo from his official Facebook account)

(7 April) Green tea tycoon Tan Passakornnatee said the initial public offering of his company's stocks tomorrow will earn as much as 3.9 billion baht.

Ichitan is scheduled to offer 300 million stocks in its IPO between 8-11 April, at the rate of 13 baht per stock, before the company will be officially listed in the Stock Exchange on 21 April.

Mr. Tan had been the founder and chief executive of Oishi Group, which sells green tea and operates a number of Japanese-styled restaurants, before he left the company in 2010 and immediately started Ichitan to compete for market shares.

 The tycoon said he has no plans to sell shares in Ichitan in the near future, as he predicts that his beverage business will continue to perform well in the upcoming months.

"It's hotter than usual this year," Mr. Tan said, "So the sales of our drinks are set to rise,"

He added that Ichitan will increase its production to 1 billion bottles and 200 million packets per year following on completion of the planned expansion of his company.

Mr. Tan made headlines in recent weeks, after members of a Bangkok school marching band camped out in front of his headquarters and "asked" for a 3 million baht loan from Mr. Tan to pay for their flight tickets to a marching band competition in the Netherlands.

The Ichitan boss obliged and gave them the cash as donation, but stressed that the band should have asked for assistance via proper channels. The band later faced a massive backlash from much of the public, thanks to revelations that the campaign to demand Mr. Tan's money was planned in advance by the band leaders and the school director. 

 

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