SET May 20 welcomes beverage manufacturer “PLUS”

BANGKOK, May 19, 2022 – The Thailand Stock Exchange (SET) will list Royal Plus PCL, the manufacturer and distributor of other drinks, including coconut juice, coconut milk, fruit juice and milk tea and vitamin drinks, on May 20, 20 May. The tick symbol is “PLUS”.

The company’s initial public offering (IPO) has a market capitalization of 3.02 billion THB (approximately USD 87.21 million). SET Senior Executive Vice President Manpong Senarang said that PLUS Agro and Food Industry Group will be listed in the food and beverage sector and will start trading at SET.

Plus makes and sells beverages that are classified into two groups: 1. Coconut juice, coconut milk, fruit juice mixed with basil seeds, and chia seed fruit juice. And 2. Milk tea, vitamin drinks and other combined common drinks. Its main revenue originates from OEM production.

PLUS manufactures and sells products under the company’s own brand, such as coconut juice under the ‘Coco Royal’ brand; Mixed fruit juices under the brands ‘Nita’, ‘Coco Royal’ and ‘Mabu’; And vitamin drinks under the ‘C-Boom’ brand. In addition, PLUS has developed a new product line with plant-based ingredients featuring coconut milk drinks and coconut yogurt under the ‘Mabu’ brand as a health supplement, which is expected to hit the shelves in the second quarter of 2022.

PLUS has a registered paid-up capital of 335 million THB, including 500 million existing ordinary shares and 170 million newly issued shares, each valued at 0.50 THB. It offered the newly issued shares to the general public between 11 – 13, 2022, at 4.50 THB each, for a total of 765 million THB. The IPO price is approximately 20.4 times the equivalent of the enterprise price of earnings before the interest, tax, depreciation and repayment ratio (EV / EBITDA).

Fonseng Saibe, managing director of Plus, said the company is committed to creating beverage products with unique flavors and quality to meet the needs of customers, focusing on natural ingredients and innovation. The strength of the company’s products is its competitive edge in the global market, as locally grown coconut juice and coconut milk drinks have unique flavors for both Thai and foreign customers.

In addition, the company prioritizes continuous development jointly with business partners and business alliances to expand customer base and ensure sustainable and inclusive growth. Fundraising and listing of the company will strengthen both the financial position and the ability to grow the business.

The funds raised will be used as working capital for factory expansion, additional equipment investment, repayment of loans to financial institutions and assistance in future business expansion.

PLUS’s dividend policy is not less than 40% of the total profit from corporate income tax and individual financial statements of the company after various reserves. However, dividends are subject to change depending on performance, financial condition, liquidity, future investment and expansion plans, market conditions, suitability and other relevant factors.

After the IPO, the major shareholders of Plus are Fonseng Saibe Group and Jueduan Ma Group, the founders’ group, with a combined shareholding of 57.9 percent. For more information about PLUS, please see the Company’s prospectus on the Securities and Exchange Commission’s website at For general information, please visit and

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