- Onsen Retreat and Spa Group pcl (ONSENS), the operator of onsen and wellness spa business under the "Yunomori Onsen and Spa" and "KLAI Spa" brands, will be listed on SET in the Services industry group on October 7.
- Funds raised will be allocated to the Social Wellness Space project at Thonglor Branch which will integrate onsen and spa facilities with commercial rental areas.
SET Senior Executive Vice President Soravis Krairiksh announced that Onsen Retreat and Spa Group pcl will be listed and start trading on the Stock Exchange of Thailand (SET) in the Tourism and Leisure business sector of the Services industry group under the ticker symbol "ONSENS" on October 7, 2025. Through this fundraising access, ONSENS is empowered to expand its Social Wellness Space project and capitalize on growth opportunities driven by Thailand's national agenda to promote wellness tourism and strengthen the country's position as a leading global healthcare hub and tourism destination.
ONSENS provides wellness onsen and spa services through its two flagship brands: Yunomori Onsen and Spa (Yunomori) and KLAI Spa (KLAI). Yunomori distinguishes itself as Thailand's first Japanese-style onsen spa treatment provider, offering a diverse selection of onsen baths supported by standardized sanitation protocols, advanced water circulation and management systems, and highly trained specialists. Yunomori operates four branches: three in Thailand (Sukhumvit 26, Sathorn 10, and Pattaya) and one in Singapore. KLAI specializes in traditional Thai massage services, with its first and flagship branch located in Yaowarat and launched in November 2024.
Beyond its core business, ONSENS has diversified into: 1) Food and beverage business through "Happy Rice," a chain of homemade-style Japanese restaurants located within each Yunomori branch, and 2) Distribution of curated lifestyle products for everyday use such as yukatas, scarves, umbrellas and coffee mugs featuring distinctive designs developed in collaboration with renowned artists.
ONSENS Chief Executive Officer Smith Mekaroonkamol stated that the SET listing represents a pivotal milestone that will strengthen the company's capacity to pursue growth opportunities and solidify its position as a leading holistic wellness and spa service provider. ONSENS aims to capture rising demand driven by healthcare megatrends and health-conscious consumers who increasingly prioritize wellness and quality of life. The IPO proceeds will enhance the company's capital position, with the majority allocated to the Social Wellness Space project at the Thonglor Branch which will integrate onsen and spa facilities with commercial rental areas, while the remaining funds will be earmarked for bank loan repayment and working capital.
ONSENS has a paid-up capital of THB 300 million (approximately USD 9.39 million) after the IPO, with a par value of THB 1.00 per share. The company offered 80 million IPO shares to subscribers at the underwriters' discretion, institutional investors, the company's patrons and related parties, and the employees of the company and its subsidiaries from September 29 - October 1, 2025 at THB 2.05 per share. This offering generates a total IPO value of THB 164 million with an IPO market capitalization of THB 615 million. The IPO valuation reflects the price-to-earnings (P/E) ratio of approximately 29.21 times with the earnings per share of THB 0.07, calculated from the company's trailing four-quarter net profit (from July 1, 2024 to June 30, 2025), divided by fully diluted shares. Finansia Syrus Securities pcl serves as financial advisor and lead underwriter.
Top three shareholders of ONSENS after the IPO are: 1) Smith Mekaroonkamol's group (23.05 percent), 2) Trirat Thanarungroch (13.43 percent), and 3) Worawech Trikissayawech (10.72 percent). The company's dividend policy is to pay shareholders a minimum of 40 percent of its net profit based on the separate financial statements after deduction of all reserves mandated by laws and the company's articles of association. The dividend distribution also takes into account the best interests of the business and shareholders.
For more information on ONSENS, please see the company's prospectus on the Securities and Exchange Commission's website at www.sec.or.th, and general information at www.onsengroup.co.th and www.set.or.th.