Bangkok: WASH made its debut on the Market for Alternative Investment (MAI) stock exchange at an opening price of 6.10 baht, marking an 18.67% decrease from its initial public offering (IPO) price of 7.50 baht. The stock’s first trading day was highlighted by a significant drop of 1.40 baht from its IPO price, setting its market capitalization at the IPO price to 2,647.06 million baht.

According to Thai News Agency, the opening ceremony for WASH’s first trading day featured key figures, including Mr. Sorawit Krairiksh, Deputy Managing Director of the Issuer and Marketing Department of the Stock Exchange of Thailand (SET), Mr. Prapan Charoenprawat, Managing Director of the Market for Alternative Investment (mai), and Mr. Kavin Klongkratok, Chief Executive Officer of Laundry You Public Company Limited. WASH, operating under the “WashXpress” brand, is a prominent player in the full-service laundry services sector within the Services Industry Group on the MAI.

The company has set ambitious growth targets, planning to open 5-10 new branches in nearby areas to enhance management efficiency and reduce construction costs. WASH aims to extend its presence across the 21 provinces where it currently operates and enter new markets. By the end of 2027, WASH intends to establish at least 240 new company-owned branches. This expansion is divided into two phases: the first phase involves opening 80 new branches by 2025, leveraging IPO proceeds to launch at least 160 additional branches between 2026 and 2027, prioritizing company-owned and managed branches.

A budget of 100 million baht is allocated for 2026-2027 to revamp and upgrade existing WashXpress laundromats. This investment includes increasing the number of washing machines and dryers in high-demand locations, introducing services such as wash, dry, fold, and ironing, and enhancing store aesthetics to promote a modern image. The renovation plans also encompass expanding parking facilities and adding customer amenities like waiting areas and air conditioning.