Mr. Smith Mekaroonkamol, Chief Executive Officer of Onsen Retreat and Spa Group Public Company Limited (ONSENS), stated that the company is preparing to offer 80 million new ordinary shares in its initial public offering (IPO) before raising funds and listing on the Stock Exchange of Thailand (SET), marking another significant step that will support ONSENS in achieving its targeted growth.
The roadshow held on Thursday is intended to provide investors with information regarding the company’s business operations, key strengths, and growth opportunities. Since 2012, ONSENS has been the pioneer in offering comprehensive Japanese-style onsen and spa services in Thailand under the Yunomori brand.
Over the past 13 years, ONSENS’ customer base has continuously expanded. Currently, Yunomori operates four branches: Sukhumvit 26, Sathorn 10, Pattaya, and Singapore, all located in prime central and major economic areas. Last year, the company launched a new brand called KLAI, focusing on modern Thai traditional massage in the flagship store located in Yaowarat.
In addition, ONSENS is committed to delivering holistic healthcare experiences that are accessible to everyone. The company plans to launch a new brand called PAK Massage by the end of the year, targeting modern massage outlets that cater to the urban lifestyle and emphasize value.
For the past three years (2022–2024), ONSENS’ compound annual growth rate (CAGR) was 18.7%, with the number of service users increasing steadily. The average onsen and spa service fee per person rose from THB 675 per visit in 2022 to THB 784 in 2024, reflecting the company’s capability to efficiently meet customer needs.
Furthermore, ONSENS aims to expand Yunomori with one more branch in Thong Lo, investing THB 240 million to establish a leading Social Wellness Space in the country, while also expanding other brands—such as KLAI and PAK Massage—to a total of seven branches by 2027. The branch locations are still under consideration and expected to be domestic.
The spa industry in Thailand is expected to continue its strong growth, driven by the health-conscious trend among Thais and foreign tourists. The market value of Thailand’s spa sector in 2025 is projected to expand by an average of 9.41% annually from 2024, when the value stood at approximately THB 61.9 billion. The growth of the Thai spa industry is thus seen as a vital opportunity for ONSENS to expand its business base and increase market share.
Mr. Somphop Keerasuntonpong, Managing Director of Finansia Syrus Securities (FSS), in his capacity as financial advisor and lead underwriter, stated that after presenting to investors, he appreciated the strong interest in ONSENS. The business fundamentals are robust as it is a leader in comprehensive Japanese-style onsen and spa services, with a growing average user base of 11.9% annually during 2022–2024, and a high gross profit margin of about 40–45%, which exceeds industry competitors.
Furthermore, ONSENS is a stock within the megatrend related to health and wellness, which is increasingly prioritized by today’s consumers.
ONSENS intends to use the proceeds from the fundraising to invest in the Social Wellness Hotel & Spa project at Thong Lo, specifically for onsen and spa service areas and commercial spaces. The remainder will be used to repay financial institution loans and as working capital for business operations.
ONSENS will offer 80 million new ordinary shares in its IPO at a par value of THB 1 per share, accounting for 26.67% of the company’s total issued and paid-up shares after this IPO. The company expects to be able to sell the IPO shares and list as a public company on the Stock Exchange of Thailand in the Tourism & Leisure sector (TOURISM) soon.
