88(Thailand) Public Company Limited Debuts on the Market for Alternative Investment
88(Thailand) Public Company Limited Makes a Splash on the Market for Alternative Investment
Bangkok, Thailand – October 10, 2023 – In a remarkable debut, 88(Thailand) Public Company Limited (mai: 88TH) launched on the Market for Alternative Investment (mai) today at 10:00 A.M. Bangkok time, opening at THB 10.8 per share. This impressive start marks a surge of THB 5.35 per share, or 98.17%, with a total trading value of THB 355.72 million. The listing follows a successful Initial Public Offering (IPO) that raised THB 324.27 million.
The company offered 59.5 million shares to the public at THB 5.45 per share, with a par value of THB 1. After covering expenses, approximately THB 213.79 million will be directed towards research and development (R&D) for new products in its Hair Care, Skincare, and Cosmetics segments.
A Portfolio Driven by Hair Care
88TH operates through three primary product lines:
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Hair & Scalp Care: Dominated by the flagship LYO brand, which has been a cornerstone of the company’s growth since 2020, contributing over 90% of revenue. Key products include hair-loss solutions (31.6% of H1 2025 revenue), grey hair coloring shampoo (33.9%), and herbal-based hair care (25.0%).
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Skincare: Marketed under the Hone brand, developed in collaboration with Thai celebrity Phudit Kamnerdploy, also known as “Num Kanchai.”
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Cosmetics: Featuring the ver.88 brand, recognized for its innovative clay foundation powder.
In a strategic move to enhance its production capabilities, 88TH has also acquired Dok Skin, a cosmetics production facility.
Consistent Growth and Strong Financials
88TH has demonstrated impressive 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 | 7.1% |
| 2024 | 477.8 | 55.8 | 11.6% |
| H1 2025 | 306.8 | 50.5 | 16.4% |
This trajectory reflects an average annual revenue growth of approximately 30% from 2022 to 2024, alongside a significant improvement in profitability. The net margin more than doubled during this period, bolstered by efficiency gains and reduced selling, general, and administrative (SG&A) costs, which fell from around 50% of revenue in 2022 to 36% in 2025.
Currently, 88TH trades at a P/E ratio of approximately 10.3x, below the industry average of 12–15x, and boasts a solid financial position with zero debt.
Omni-Channel Strategy and Celebrity Endorsement
88TH employs an omni-channel distribution strategy that integrates both offline and online sales. In H1 2025, revenue distribution was as follows:
- Dealers/Agents: 43.7%
- Modern Trade/Convenience Stores: 33.5% (including 7-Eleven and Lotus’s)
- Online Channels: 21.9% (showing strong growth momentum)
A significant factor in the brand’s recognition is its partnership with Num Kanchai, who not only serves as the brand ambassador but also participated in the IPO as a long-term investor.
CEO Ms. Natthini Chawanikul emphasized the company’s commitment to “Focus Product Development,” prioritizing quality and innovation over mere expansion of product lines. Founder Ms. Nopparat Maliwong added that the IPO proceeds will fund R&D to expand distinctive offerings under LYO, Hone, and ver.88, ensuring a balanced portfolio and sustainable growth.
As 88TH embarks on this new chapter, the market watches closely, anticipating how the company will leverage its strong foundation to innovate and expand in the competitive beauty and personal care industry.
