KEY POINTS
- Laundry You pcl (WASH), a leading service provider of one-stop self-service laundry, under the "WashXpress" brand, will start trading on mai in the Services industry group on November 3, 2025.
- Funds raised will be used to invest in the expansion of the number of WashXpress laundry branches and the upleveling of existing branches.
mai President Prapan Charoenprawatt announced that Laundry You pcl will be listed and start trading on Market for Alternative Investment (mai) in the Services industry group under the ticker symbol "WASH" on November 3, 2025.
WASH is a one-stop laundry service provider, using high-quality industrial washing machines and dryers under the "WashXpress" brand. In addition, the company also operates franchises and sells industrial washing machines and dryers. WashXpress laundromats offer both self-service and full-service choices, consisting of wash-dry-fold services, wash-dry-iron services, and ironing only, including large volumes of laundry services for businesses and commercial clients. Significantly, the company has already developed the "WashXpress" mobile application to conveniently facilitate real-time branch search and payment features. As of June 30, 2025, the company has a total of 548 laundromats, covering 21 provinces, in Bangkok and Greater Bangkok, secondary cities and major provinces, categorized into 469 company-owned branches and 79 franchise branches. For the first six months of 2025, the company's revenue ratios from services : product sales : franchises : sales of washing machines, dryers and others were recorded at 94:3:1:2 respectively.
WASH Chief Executive Officer Kawin Klongkratoke stated that the company has developed a one-stop laundry business under the "Clean-Convenient-Comfortable" concept, well-managed by having at least one staff member at each branch, with added value of free hot water drum cleaning service before use. The stores are conveniently located near communities, with parking space, and are open 24/7 daily. In addition, there are also coin exchange machines, vending machines for laundry, and a 24-hour call center. The funds raised will be used to invest in the expansion of the number of branches, renovate and upgrade existing WashXpress laundromats, and as working capital.
Securities offering data: WASH has a paid-up capital of THB 176.47 million (approximately USD 5.44 million) after the IPO, with a par value of THB 0.50 per share. The company offered 300 million existing shares and 52.94 million newly issued ordinary shares, combining with the 52.94 million existing shares owned by Holistic Impact Pte. Ltd. to subscribers at the underwriters'discretion and institutional investors (totaling no less than 79.41 million shares), patrons of the company (totaling not over 15.88 million shares), and employees (totaling not over 10.59 million shares), during October 24-28, 2025 at THB 7.5 per share. This offering generates a total fundraising value of THB 397.06 million, offering value of THB 794.12 million, with an IPO market capitalization of THB 2,647.06 million. The IPO valuation reflects the price-to-earnings (P/E) ratio of 24.51 times with the earnings per share of THB 0.31, calculated from the company's trailing four-quarter net profit (from July 1, 2024 to June 30, 2025) of THB 107.99 million, divided by fully diluted shares. Yuanta Securities (Thailand) Co., Ltd. is the financial advisor and the lead underwriter.
WASH's major shareholders after the IPO are: 1) Chisnupun Tangchalermkul (21.61 percent), 2) Kawin Klongkratoke and Uraiwan Oncharoen (spouse) combined (16.30 percent), and 3) Holistic Impact Pte. Ltd. (12.84 percent). The company's dividend payment policy is to pay shareholders a minimum of 50% of net profit according to the company's financial statements after corporate income tax and all legally mandated reserves, and as specified by the company.
Investors and interested public can view the company's prospectus via the Securities and Exchange Commission (SEC)'s website at www.sec.or.th, and general information via www.washxpressth.com and www.set.or.th.