Shares of Thai Packaging Industry Public Company Limited, or TIPAK, began trading on the Stock Exchange of Thailand with an opening price of 1.69 baht, down 8.65% from the IPO price of 1.85 baht. According to the filing, on August 13, 2026, the board resolved to approve an interim dividend to existing shareholders of 0.36736 baht per share, totaling 150.00 million baht, ahead of the initial public offering of newly issued ordinary shares. The dividend is paid in cash from a short-term loan from financial institutions of 80.00 million baht, with the remaining 70.00 million baht recorded as unpaid dividends to be paid gradually from September to December 2026 out of operating cash flow. Analysts at Tisco Securities noted that the pre-IPO dividend payment and the debt burden are points to watch. The company paid dividends of 363.40 million baht in 2024, equal to 213% of net profit of 170.21 million baht, and paid a further 40.83 million baht in the first half of 2025, pushing pro forma D/E up to 1.42 times, cutting the current ratio to 0.79 times, and lowering DSCR to 1.05 times, below the loan covenant of 1.20 times. IPO proceeds of 170.00 million baht, or 68% of net fundraising, were allocated to repay loans, essentially a financial restructuring, while actual growth investment was only 20.17 million baht for machinery upgrades to improve efficiency, not to expand production capacity.
TIPAK debuted 8.65% below its IPO price after paying a 150M baht pre-IPO dividend funded by an 80M baht loan, pushing pro forma D/E to 1.42x and DSCR to 1.05x below the 1.20x covenant.
