Phat Food expects to file IPO in 2028

Phat Food Intelligence Co Ltd, the manufacturer of Goodwill dairy products, plans to file an initial public offering (IPO) with the Securities and Exchange Commission in 2028.
The IPO plan is part of the company’s medium to long-term strategy that includes a restructuring programme and the development of efficient workflow, aiming for sustainable growth in Southeast Asia.
Phat Food has also partnered with SSPP Capitals Co Ltd to invest in SMEs Private Equity Trust Fund, categorised as a sub-fund.
Idthipol Patimavirujh, managing director of Phat Food, did not reveal the amount the partner will invest, but noted that the collaboration would enhance Phat Food’s ability to acquire new machinery for the development of a new line of household products.
The company aims to expand the production capacity of dairy products to 24,000 tonnes per year from 12,000 tonnes per year at present, he said.
In the short term, the company plans to increase its distribution channels both domestically and internationally, and aims to introduce household products to the market next year.
The company distributes its products in Cambodia, Laos, Myanmar, Thailand and Vietnam, and is planning to tap into the Indonesian market.
Prangsiri Mesamarn, deputy managing director at Phat Food, said the company is selling four products in the market and aims to launch at least two new products per year.
“The company plans to launch coconut milk, UHT goat milk and oat milk in 2025,” Ms Prangsiri said.
Mr Idthipol said the company aims to gain greater consumer recognition both in coffee shops and the home setting. Phat Food aims to increase its share of Thailand’s condensed milk market from 5% at present to 10% by 2027.
International sales account for 5-10% of the firm’s revenue, and the firm aims for the proportion to rise to 30% by 2028, he said.
Phat Food’s revenue target for 2024 has been set at 800 million baht, up from 480 million last year.
“The company aims to continuously grow its revenue, with a target of reaching 1 billion baht in 2025,” he said.