Pluk Phak Praw Rak Mae Public Company Limited (OKJ), the company that operates the Ohkajhu organic restaurants in Thailand, has announced its initial public offering (IPO) to raise funds for expansion. The company, known for its “Be Organic from Farm to Table” concept, is offering up to 159 million shares at a price of THB 6.70 per share to raise up to THB 1.06 billion. OKJ’s shares will be traded on the stock market on 4 October 2024.
OKJ primarily operates in three business segments:
- Ohkajhu: A chain of restaurants serving organic salads, sandwiches, and other healthy food options.
- Ohkajhu Wrap & Roll: A quick-service restaurant (QSR) focusing on grab-and-go healthy options like wraps and salads. The first Ohkajhu Wrap & Roll outlet opened in April 2023 at EmSphere shopping mall.
- Oh! Juice: A juice bar offering organic fruit and vegetable juices. The first branch opened in May 2023.
Key strategies for growth include:
- Expanding the Ohkajhu restaurant chain
- Building customer loyalty through loyalty programs and targeted marketing
- Developing new brands and products
- Strengthening the partnership with OR (PTT Oil and Retail)*
- Investing in organic farming and technology
- Seeking opportunities for strategic investments
* PTT Oil and Retail’s unit Modulus Venture acquired a 20% stake in OKJ in 2021
OKJ aims to expand its Ohkajhu restaurant chain to 67 branches by 2028. Additionally, the company plans to increase the number of Ohkajhu Wrap & Roll outlets, which offer takeaway options like salads and sandwiches, from one to 20 within the same timeframe. Oh! Juice outlet will increase from six at the moment to 70 by 2028.
Revenue in 2023 increased by 41.5% to THB 1,712.8 million from THB 1,210.4 million (up 51.7% year-on-year) in 2022.
Ohkajhu brand is divided into four main distribution channels:
- Full-service restaurants contributed approximately 88.0% to 94.1% of total revenue.
- Delivery and Kiosk, includes delivery-only restaurants and grab-and-go kiosks under the “Ohkajhu” brand, contributed approximately 3.4% to 11.0% of total revenue.
- Café Amazon where the company sells Ohkajhu-branded products such as sandwiches, salads, wraps, and bakery items in Café Amazon outlets contributed approximately 0.8% to 1.9% of total revenue.
- Supermarkets: Ohkajhu products like vegetables, fruits, ready-to-eat salads, and juices are sold in supermarkets such as Gourmet Market. This channel contributed approximately 0.3% to 0.7% of total revenue.
