88 (Thailand) Public Company Limited (mai: 88TH), a personal care and cosmetics company, will debut on the Market for Alternative Investment (mai) tomorrow, 3 October 2025. The listing follows the successful completion of its Initial Public Offering (IPO), raising THB 324.27 million.
The company offered 59.5 million shares to the public at THB 5.45 per share (par value THB 1). After expenses, approximately THB 213.79 million from the IPO will be allocated to research and development (R&D) for new products across its Hair Care, Skincare, and Cosmetics segments.
A Portfolio Led by Hair Care
88TH operates across three main product groups:
- Hair & Scalp Care – Led by the flagship LYO brand, which has driven the company’s growth since 2020, contributing over 90% of revenue. Core products include hair-loss solutions (31.6% of H1 2025 revenue), grey hair coloring shampoo (33.9%), and herbal-based hair care (25.0%).
- Skincare – Marketed under the Hone brand, developed in collaboration with Thai celebrity Phudit Kamnerdploy (“Num Kanchai”).
- Cosmetics – Under the ver.88 brand, which gained recognition for its clay foundation powder.
The company also strengthened its vertical integration by acquiring Dok Skin, a cosmetics production facility.
88TH has achieved consistent growth in both revenue and profit over the past three years:
| Fiscal Year | Revenue (THB mn) | Net Profit (THB mn) | Net Margin |
| 2022 | 268.8 | 13.2 | 4.9% |
| 2023 | 364.1 | 25.9 | 7.10% |
| 2024 | 477.8 | 55.8 | 11.64% |
| H1 2025 | 306.8 | 50.5 | 16.41 |
This represents an average annual revenue growth of ~30% (2022–2024) and a sharp improvement in profitability. Net margin more than doubled between 2022 and 2024, supported by efficiency gains and lower SG&A costs, reduced from ~50% of revenue in 2022 to 36% in 2025.
The company currently trades at a P/E ratio of ~10.3x, below the industry average of 12–15x, and remains financially strong with zero debt and no outstanding borrowings.
Omni-Channel Distribution and Celebrity Endorsement
88TH employs an omni-channel strategy integrating offline and online sales. In H1 2025, revenue was distributed as follows:
- Dealers/Agents: 43.7%
- Modern Trade/Convenience Stores: 33.5% (including 7-Eleven and Lotus’s)
- Online Channels: 21.9% (with strong growth momentum)
A key driver of brand recognition has been the long-standing partnership with Num Kanchai, who not only serves as brand ambassador but also participated in the IPO as a long-term investor.
CEO Ms. Natthini Chawanikul emphasized that the company’s focus is on “Focus Product Development”, prioritizing quality and innovation over SKU expansion. Founder Ms. Nopparat Maliwong added that IPO proceeds will fund R&D to expand distinctive products under LYO, Hone, and ver.88, ensuring portfolio balance and long-term S-curve growth.