mai welcomes IT security distributor “SECURE” on July 1

Market for Alternative Investment (mai) will list nForce Secure pcl, a distributor of cybersecurity technology solutions, on July 1, under the ticker symbol “SECURE”. The company has a market capitalization at its initial public offering (IPO) of THB 1.64 billion (approx. USD 51.9 million).

mai President Prapan Charoenprawatt said that SECURE would list and start trading on mai in the Technology industry group.

SECURE is the distributor of cybersecurity technology solutions and related business services. The company’s products are in four categories consisting of 1) endpoint security system; 2) network security system; 3) network performance and monitoring system; and 4) other systems or software such as encryption, verification & authentication, archiving, and others. SECURE is the dealer for leading cybersecurity technology providers namely Palo Alto Networks, Trendmicro, Solarwinds, Radware, Carbonblack, Gigamon, and Extrahop Networks. In addition, the company provides related services, such as maintenance, installation, and system application training. SECURE’s core clients are system integrators (SI) who design and offer customized solutions at the organizational level to directly meet users’ needs in both public and private sectors.

SECURE has a registered paid-up capital of THB 51.37 million, consisting of 75 million existing common shares and 27.74 million newly issued shares, with a par value of THB 0.50 each. It offered the newly issued shares via IPO to persons under the underwriters’ discretion, institutional investors and juristic persons eligible to participate in the book building process, the company’s patrons, directors, executives and employees during June 23 – 25 at THB 16 each, for a total of THB 444 million. The IPO price, determined by the book building process, was equivalent to price-to-earnings ratio (P/E ratio) of 35.27 times, calculated from the company’s net profit of THB 46.61 million in the past four quarters (from Q2/2020 to Q1/2021) divided by fully diluted shares. Yuanta Securities (Thailand) Co., Ltd. is its financial advisor and lead underwriter. SECURE has issued 3.2 million units of employee stock ownership plan (ESOP) warrant with an exercise period of not exceeding five years. Each unit of warrant is entitled to purchase an ordinary share at THB 16 each.

SECURE Chief Executive Officer Nakrop Niamnamtham said that the company has been in cybersecurity solutions distribution business for more than 15 years, managed by a team of professional executives and specialists. The company has focused on diverse and high-quality products distribution with advanced technology well-recognized internationally. The company has a good rapport with and gains trust of customers and multi-national product owners. Moreover, SECURE has received “Best Distributor” awards from product owners such as Palo Alto, Trendmicro, and Solarwinds. The fundraising will be used to build a technical service center, invest in cybersecurity products R&D and other related businesses for future growth, and as working capital.

SECURE’s three major shareholders after the IPO are Moz Seguro Co., Ltd. (24.36 percent), Luanchamroen family (20.33 percent), and Niamnamtham family (16.63 percent). The company’s dividend policy is to pay no less than 50 percent of net profit from the company’s separate financial statement after corporate tax and legal reserves.

For more information on SECURE, please see the company’s prospectus at the Securities and Exchange Commission (SEC)’s website at; and for general information, please visit as well as

Source: SET Corporate Communications