Bluebik Group, a local tech consulting company, is offering 25 million common shares, representing 25% of the total issued and paid-up shares, in an initial public offering (IPO) in the Market for Alternative Investment at the end of September.
Payupat Mahabhol, managing director for investment banking at Yuanta Securities (Thailand), a lead underwriter for Bluebik's IPO, said Bluebik shares, with the ticker symbol BBIK, will be open for subscription through Yuanta and Kasikorn Securities, and the brokers' customers will get priority in share allotments.
Pochara Arayakarnkul, Bluebik's chief executive, said the IPO was primarily aimed at raising funds for employees' capability enhancement and building a talent pool, which has been deemed a main driving force for the firm's future business expansion.
In addition to the workforce improvements, Mr Pochara said IPO proceeds will also be spent on developing new technology and digital products under the company's brand or White Label; improving internal operations; expanding the office to accommodate more personnel; investing in related businesses; and adding funds to the company's working capital.
According to Mr Pochara, Bluebik is a home-grown tech consulting company specialised in end-to-end services ranging from strategising business and technology integration plans for firms aiming to undergo a digital transformation, to providing technology experts and advice to help customers effectively implement plans provided by the company.
Mr Pochara said the company has high growth potential as its one-stop service model is in line with the mega trends of integrating the Internet of Things, big data and cloud computing in business, and the increase in demand for technology consultancy spurred by digital disruptions and the pandemic, which has driven many business operations online.
According to the firm's financial statement, Bluebik's revenue has risen from 132.8 million baht in 2018 to 200.5 million baht at the end of 2020, with a compound annual growth rate of 22.9%.
Most of the growth was attributed to the firm's rapid expansion of its digital excellence and delivery and management consulting services, which include the development of comprehensive advice and plans on digital application and technology development customised for individual organisations.
