Skin Laboratory Public Company Limited (SKIN), a Thai beauty product innovator, is set to commence trading on the Market for Alternative Investment (mai) under Consumer Products on September 24, 2025. 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.
CEO Chanvit Khieonavavongsa outlined that SKIN develops and markets skincare under two brands—Skinsista and Dermie. The product lineup includes serums, creams, sunscreens, and powders, catering mainly to consumers aged 18–25, with a secondary focus on those aged 26–35.
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.
For the latter half of 2025, SKIN plans to introduce at least 16 new SKUs, including cosmetics, sachet creams, and gels, some in collaboration with celebrities. The company expects to double its sales and grow profits by at least 70–80% in 2026, leveraging the momentum from new product launches and marketing in 2H25.
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.
Financially, SKIN maintains a gross margin of 75%, with selling expenses at 50–60% and administrative costs at 10%. Net margins stand at 5–10%. If upcoming launches are well received, significant profit upside is likely, given the largely fixed cost base.
SKIN also anticipates a business boost from seasonally strong quarters and government stimulus measures, as well as ongoing demographic shifts toward greater cosmetic use among younger consumers.
The company plans to take part in the Stock Exchange of Thailand’s JUMP+ program to support growth across revenue, governance, and climate action, underlining its intention for long-term, sustainable expansion.
