Mr. Somphop Keerasuntonpong, Managing Director of Finansia Syrus Securities (FSS), in his capacity as financial advisor and underwriter for Onsen Retreat and Spa Group Public Company Limited (ONSENS), the pioneer provider of traditional Japanese-style onsen and integrated spa services in Thailand, stated that the initial public offering (IPO) of 80 million newly issued ordinary shares of ONSENS, with a par value of THB 1 per share, representing 26.67% of total ordinary shares, at an offering price of THB 2.05 per share, conducted from September 29 – 30, 2025, and October 1, 2025, has received substantial investor interest.
The positive response from investors is a result of ONSENS being a megatrend stock related to health and wellness, which continues to gain importance among modern consumers. This aligns with the continuous growth trend of the Thai spa industry, which is projected to expand at an average rate of 9.41% per year, growing from a market value of approximately THB 61.9 billion in 2024. Furthermore, the company is considered a leader in Japanese onsen and integrated spa businesses, recognized by both Thai and international consumers for its high service standards.
In addition, ONSENS has a strong financial foundation, with high operating cash flow and robust profit-generating capability due to efficient cost management. The company also has clear growth opportunities stemming from its business expansion plans and a growing customer base after fundraising. ONSENS will commence trading on the Stock Exchange of Thailand (SET) for the first time on October 7, 2025, in the Services Industry Group, within the Tourism and Leisure sector.
To reinforce confidence and demonstrate commitment to business operations, as well as instill trust among shareholders and all stakeholders, major and nearly all existing shareholders have voluntarily entered into an agreement not to sell their shares, apart from those restricted by the Silent Period enforced by the SET, for a period of 6 months from the initial trading date. Combining shares restricted by this voluntary agreement and regulatory Silent Period, approximately 99% of the company’s total shares prior to IPO will be subject to selling restrictions.
Mr. Smith Mekaroonkamol, Chief Executive Officer of ONSENS, stated that the company appreciates all investors for their trust and strong response during the IPO subscription. This fundraising not only significantly strengthens the company’s financial position but also enhances ONSENS’ readiness to achieve a higher level of growth, reaffirming its standing as the industry leader in Thailand’s spa and wellness sector.
As for the THB 164 million raised from this public offering, THB 120 million of which will be used to invest in the Yunomori Thong Lo branch project, developing it into a Social Wellness Space, envisioned as a new landmark for comprehensive health and lifestyle-related services. The remaining funds will be used to repay loans to financial institutions and serve as working capital in business operations, which will further strengthen the company’s financial standing. The company is confident that, following this fundraising, it will be able to pursue continuous growth with new projects and branch expansions, including other brands such as KLAI and PAK Massage, totaling 7 new branches by 2027.
Currently, ONSENS’s business is entering its high season, with clear positive signals already visible since 3Q25, as reflected by a continuous rise in service users. Prospects are expected to remain strong until the end of the year. The company continues to efficiently manage costs and create consistent profit opportunities.
