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ZEN Corporation Group, an operator of restaurant, franchise and connected businesses (including food retailing), has submitted a filing for the floating of 75 million IPO shares in SET to finance the expansion and renovation of its branded restaurants and the enhancement of its operating efficiency. It has also appointed Kasikorn Securities as Financial Advisor. As of 30 June 2018, a total of 237 domestic and overseas restaurants were operated using its 11 brands.

MR BOONYONG TANSAKUL, CHIEF EXECUTIVE OFFICER (CEO) OF ZEN CORPORATION GROUP PCL (“Company” or “ZEN”), revealed that the Company is working to raise funds on the Stock Exchange of Thailand (SET) to finance a continued expansion after being in the domestic restaurant business for more than 27 years. He said that ZEN expects to increase sales to approximately THB 10 billion by 2023 and seeks to become a leading restaurant business organization that provides popular foods and wins the trust and loyalty of customers, partners and stakeholders.

ZEN operates as a holding company which invests in seven fully-owned subsidiaries that operate restaurant and connected businesses. The subsidiaries’ core business segments include i) branded restaurant business; ii) brand franchise business; and iii) connected businesses (delivery, catering, restaurant management, restaurant consultancy and retailing of foods, e.g. ready-to-cook foods, ready-to-eat foods). The variety of well-known restaurant brands that are recognized by all consumer segments and the introduction of connected businesses to guarantee long-term growths offer them a distinct competitive advantage.

After continuous expansion, ZEN’s companies now own a total of 11 brands. Six of the brands are for Japanese restaurants – “ZEN” for authentic food restaurants, “Musha by ZEN” for contemporary food restaurants, “Sushi Cyu Carnival Yakiniku” for premium restaurants, “AKA” for yakiniku restaurants, “Tetsu” for premium barbecue restaurants and “On the Table Tokyo Café” for lifestyle restaurants. The remaining five are for Thai restaurants – “Tummour” for Thai- and Isan-style restaurants, “Lao Yuan” for Thai-, Isan- and Vietnamese-style restaurants, “Jaew Hon” for Lao suki restaurants, “Pho” for Vietnamese noodle restaurants and “de Tummour” for premium Thai- and Isan-style restaurants. As of 30 June 2018, they recorded 237 domestic and overseas branded restaurants (156 Thai restaurants and 81 Japanese restaurants), 101 of which are owned by them and the remaining 136 of which are owned by franchisees.

The CEO noted that ZEN and its companies are looking forward to becoming a provider of an integrated food service platform that responds to the needs, and is embedded into the lifestyles, of all consumer groups, including those who love to dine out and those preferring to cook at home. To create more growths, they will capitalize on the strength and variety of their restaurant brands as well as their capacity to provide food services to ensure access to all consumer segments. They will also open new restaurants, renovate the existing restaurants, introduce new restaurant brands and explore investment opportunities to grow their businesses further in the future.

MR PONGSAK PHRUKPAISAL, DEPUTY MANAGING DIRECTOR OF KASIKORN SECURITIES PCL, as Financial Advisor (FA), commented that ZEN has submitted an application and a filing to obtain approval from the Securities Exchange Commission (SEC) of its proposed initial public offering (IPO) of capital-increase ordinary shares.

ZEN’s registered capital stands at THB 300 million, divided into 300 million ordinary shares with a par value of THB 1 each. The Company’s paid-up capital stands at THB 225 million. The Company intends to issue 75 million IPO shares, which will account for up to 25% of its post-IPO issued and paid-up capital.

ZEN and its companies seek to use IPO proceeds to fuel business expansions, including increasing the number of restaurants, renovating the existing restaurants and improving the operating efficiency.