- Skin Laboratory pcl (SKIN), the developer and distributor of beauty products behind the Skinsista and Dermie brands will commence trading on mai in the Consumer Products industry group on September 24, 2025.
mai President Prapan Charoenprawatt announced that Skin Laboratory pcl will be listed and start trading on Market for Alternative Investment (mai) in the Consumer Products industry group under the symbol "SKIN" on September 24, 2025.
SKIN operates as a beauty product distributor, owning proprietary flagship brands Skinsista and Dermie. The company has engaged in the research and development of product formulations and packaging design for its entire beauty product range through strategic partnerships with certified contract manufacturers holding international quality standards. The company's distribution strategy spans modern trade retailers, general trade stores, and online platforms, primarily targeting self-care enthusiasts across adolescent and working adult demographics aged 18-30 years. During the first half of 2025, SKIN's revenue breakdown comprised 42.82 percent from facial serum products, 41.76 percent from sunscreen products, 9.26 percent from facial skincare products, and 6.15 percent from facial cleansing and other products.
SKIN's post-IPO paid-up capital totals THB 72 million, consisting of 100 million existing ordinary shares and 44 million newly issued shares with a par value of THB 0.50 per share. Of these IPO shares, at least 33 million shares were offered to subscribers at the underwriters' discretion, up to 6.6 million shares to the company's patrons, up to 4.4 million shares to the company's directors, executives and/or employees, and the group's related parties from September 15-17, 2025 at THB 1.20 per share. The offering size is THB 52.80 million with the IPO market capitalization of THB 172.80 million (approximately USD 5.42 million).
The IPO valuation reflects the price-to-earnings (P/E) ratio of approximately 12.0 times with the earnings per share of THB 0.10, calculated from the company's net profit over the last four quarters (from July 1, 2024 to June 30, 2025) which totaled THB 15.05 million, divided by fully diluted shares. Asset Pro Management Co., Ltd. is the financial advisor and Phillip Securities (Thailand) pcl is the lead underwriter.
SKIN Chief Executive Officer Chanvit Khieonavavongsa reinforced the company's market positioning around its "high quality skincare is not exclusive. It is for everyone" slogan. This philosophy has guided its operations throughout the past 12 years and has driven SKIN to develop attractively-priced products with superior efficacy and quality comparable to established counter brands. At present, the company's two landmark brands are Skinsista which has 33 stock-keeping units (SKUs) and Dermie which has eight SKUs. The IPO proceeds will be allocated toward the optimization of existing products, the research, development and innovation of new products related to cosmetics, cosmeceutical products for facial and body applications or health products, promotional and marketing activities, distribution network diversification, and domestic and international customer base expansion.
Major shareholders of SKIN after the IPO are Chanvit Khieonavavongsa (24.31 percent), his spouse Nathaporn Phongcharnchawalit (24.31%), and Tanachai Thanomsub (20.83 percent). The company's dividend policy is to pay shareholders a minimum of 40 percent of its net profit after all legally mandated reserves and other provisions as stipulated by laws and the company's articles of association.
For more information on SKIN, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th, and general information on www.skinsista.com and www.set.or.th.