On September 24, Skin Laboratory Public Company Limited (mai: SKIN), a Thai beauty product innovator, kicked off its trading on the Market for Alternative Investment (mai) under Consumer Products at THB 3.1 per share, representing an increase by THB 1.90 or 158.33%, from the initial public offering (IPO) price of THB 1.20.
SKIN develops and markets skincare under two brands—Skinsista and Dermie. The product lineup includes serums, creams, sunscreens, and powders
The company successfully completed its IPO, raising THB 52.80 million from the sales of all 44 million shares at THB 1.20 each, accounting for 30.55% of the post-IPO paid-up shares.
Funds from the IPO will drive long-term growth via product development, new launches in cosmetics, cosmeceuticals, and health categories. In addition, the funds will support marketing and PR endeavors to build awareness for Skinsista and Dermie brands. The company targets 20 new stock keeping units (SKUs) for 2025, and broader outreach both nationwide and internationally.
The shareholder structure after the IPO revealed that the major shareholders were the original shareholders and also several well-known individual investors in the capital market also hold shares in the company, including high-net-worth investor, Watchara Kaewsawang (Sia Pong)’s wife, Sopit Kaewsawang, with 1,000,000 shares, or 0.69%, and Praethida Jeerapornprapha with 4,600,000 shares, or 3.19%, who is the wife of Dr. Ratchayut Jeerapornprapha (Mor Win).
Founders and major shareholders retain a combined 69.44% stake, with 55% locked up for one year. An additional 14.44% of shares are voluntarily locked up for three months post-listing, reinforcing commitment to sustained growth.
With just 30 employees, SKIN touts its agility in a highly competitive market, with annual sales of THB 200–300 million and strategic restructuring completed to underpin future growth.
SKIN has a proven track record of swiftly launching consumer-focused products. Its sales channels span major online platforms like Lazada, Shopee, and TikTok, as well as traditional outlets including Lotus’s, Big C, 7-Eleven, and beauty specialty stores.
SKIN operates an asset-light, debt-free model, enabling capital efficiency and the flexibility to contract with premier manufacturers for each product segment. This structure supports high returns on assets and equity, and ensures IPO funds are fully directed toward growth initiatives.
