mai President Prapan Charoenprawatt announced that 88(Thailand) pcl will be listed and start trading on Market for Alternative Investment (mai) in the Consumer Products industry group under the symbol "88TH" on October 3, 2025.
88TH manufactures and distributes health and beauty products across three primary segments: 1) Haircare products branded "LYO" spanning anti-hair loss, hair coloring, and herbal haircare products, 2) "Hone" skincare products, and 3) "ver.88" cosmetic products. The company utilizes a hybrid manufacturing model through contracted manufacturers and its wholly-owned subsidiary which operates a production facility in Muang District of Samutsakhon and manufactures both proprietary products for the company and OEM/ODM products for external clients. The company employs an omnichannel distribution strategy, with a network of over 80 agents, 14 modern trade partners with over 10,000 branches nationwide, home shopping channels, and online platforms. For the first half of 2025, the company's revenue was 91 percent from haircare products, six percent from skincare products, and three percent from cosmetics and other income. The revenue structure by distribution channel can be broken down into 44 percent from agents, 30 percent from modern trade partners, four percent from home shopping channels, and 22 percent from online platforms.
88TH's post-IPO paid-up capital totals THB 212.5 million (approximately USD 6.65 million), consisting of 170 million existing ordinary shares and 42.5 million newly issued shares with a par value of THB 1.00 per share. The IPO offering consists of 59.5 million shares, of which 42.5 million are newly issued shares and 17 million are existing ordinary shares. Of these IPO shares, at least 48.875 million shares were offered to subscribers at the underwriters' discretion and institutional investors, up to 6.375 million shares to the company's patrons, and up to 4.25 million shares to directors, executives and employees of the company and its subsidiary from September 25-29, 2025 at THB 5.45 per share. This offering generates a total IPO value of THB 324.275 million with an IPO market capitalization of THB 1.16 billion. The IPO valuation reflects the price-to-earnings (P/E) ratio of approximately 12.91 times with the earnings per share of THB 0.42, calculated from the company's trailing four-quarter net profit (from July 1, 2024 to June 30, 2025) which totaled THB 89.72 million, divided by fully diluted shares. Pioneer Advisory Co., Ltd. is the financial advisor and CGS International Securities (Thailand) Co., Ltd. is the lead underwriter.
88TH Chief Executive Officer Nuttinee Chavananikul outlined the company's strategic focus on research and development initiatives to deliver innovation-driven, high-quality products addressing diverse and evolving consumer preferences. IPO proceeds will be allocated toward working capital supporting existing product enhancement, new product development, domestic and international distribution channel expansion, marketing and promotional activities, and general corporate expenses.
Major shareholders of 88TH after the IPO are Lampun Puntanaprates (32.67 percent), Ilkano Pte. Ltd. (8.0 percent), and Nopparut Malaiwong (8.0 percent). The company's dividend policy is to pay shareholders a minimum of 50 percent of its net profit based on the separate financial statements after deduction of all reserves mandated by laws and the company's articles of association.
For more information on 88TH, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and general information on www.88thailand.co.th and www.set.or.th.