IPO Structure
IPO Structure
Corporate & Capital Architecture
Corporate & Capital Architecture
The group operates under a structured three-tier model:
EU HoldCo → Thai HoldCo → Cluster SPVs
This architecture allows:
Strategic capital at the top level
Operational control in Thailand
Ring-fenced project risk at cluster level
Jasminex Holding B.V.
(Netherlands – future conversion to N.V.)
Role:
Group-level strategy
Capital raising
Investor governance
Brand ownership
IP ownership
Consolidated reporting
Future listing vehicle
The EU HoldCo is structured for eventual conversion from:
BV → NV
to support public listing readiness.
Jasminex Thai Holding Co., Ltd. (Thailand)
Role:
Country-level operational oversight
Management of cluster SPVs
Contract farming governance
Agronomy management
Local regulatory compliance
Export coordination
Thai HoldCo provides:
Operational coherence
without exposing investors to cluster-level execution risk directly.
Each cluster operates under a ring-fenced Special Purpose Vehicle (SPV).
Role:
Own assets (silos, mill, infrastructure)
Execute EPC contracts
Secure offtake agreements
Raise project-level debt
Manage working capital
Each SPV is financially isolated.
This ensures:
No cross-contamination of risk
Clear asset ownership
Bankable project finance structure
Clean performance reporting
The target shareholding at EU HoldCo level is:
Sponsor – 35%
DFI – 45%
Strategic Investors – 20%
Role:
Founding leadership
Platform development
Long-term alignment
Strategic control
Sponsor participates through Thai HoldCo.
Role:
Anchor institutional capital
Governance credibility
ESG discipline
Risk oversight
DFIs may include:
Equity participation at HoldCo level
Debt participation at SPV level
Diversified across:
EU importers
US importers
Thai exporters
Strategic agri players
No single strategic investor is dominant.
This reduces dependency risk and strengthens market alignment.
The funding strategy follows layered capital deployment.
Used for:
Platform development
Governance setup
Technical advisory
Early-stage cluster equity injection
Injected into:
Cluster SPVs
Agronomy programs
Working capital reserve
Each cluster SPV is financed through:
Equity injection (from HoldCo)
DFI debt
Local bank debt (where appropriate)
Debt is raised at SPV level to:
Preserve HoldCo balance sheet
Maintain leverage discipline
Enable cluster-by-cluster scaling
Current Phase:
Jasminex Holding B.V.
↓
Jasminex Thai Holding Co., Ltd. (Thailand)
↓
Cluster SPV #1
Cluster SPV #2
Cluster SPV #3
…
Future IPO Phase:
Jasminex Holding N.V. (Euronext listing vehicle)
↓
Thai HoldCo
↓
Multiple cluster SPVs
IPO-readiness requires institutional governance from day one.
Sponsor representative(s)
DFI representative(s)
Independent director(s)
Audit Committee
ESG / Sustainability Committee
Risk Committee
Certain actions require supermajority approval:
New equity issuance
Material asset sale
Change in capital structure
Entry into new country
Dividend distribution
Related-party transactions
Change in business model
This ensures:
Minority protection
Capital discipline
Institutional confidence
Managing Director (Operations)
CFO (Group-level reporting alignment)
Agronomy Director
Compliance Officer
Clear separation between:
Strategic governance (EU)
Operational execution (Thailand)
Jasminex expands sequentially.
Cluster Module #1 (Pilot)
Equity-funded + DFI debt
Operational proof
Offtake validation
AWD pilot validation
Cluster Module #2
Leveraged financing supported by Cluster Module #1 performance
Reduced cost of capital
Cluster Module #3+
Portfolio-level credibility
Potential refinancing at group level
This disciplined rollout reduces:
Over-expansion risk
Execution risk
Capital dilution
Phase 1–3:
Private institutional structure
Cluster scaling
Governance strengthening
Phase 4:
Conversion from B.V. to N.V.
IFRS consolidation
Public market readiness
Phase 5:
Euronext listing (jurisdiction to be determined)
IPO objective:
Provide liquidity
Reduce cost of capital
Enable pan-European investor participation
Institutionalize governance permanently
This structure delivers:
Ring-fenced operational risk
DFI-aligned governance
Strategic investor alignment
Capital scalability
Listing optionality
It allows Jasminex to grow as:
A disciplined agricultural infrastructure platform
rather than a commodity trading entity.
No uncontrolled cluster-module & sub-module expansion
No cross-guarantees between SPVs
Conservative leverage
Performance-based scaling
Clear exit pathway for investors
Jasminex aims to become:
A publicly listed, traceable organic jasmine infrastructure platform
with regenerative agriculture integration
and scalable provincial cluster deployment.
The IPO structure is not an afterthought.
It is embedded from inception.
Each Cluster Module SPV owns:
Silos
Milling facility
Cleaning system
Contract farming agreements
Local offtake contracts
Cluster-level debt
Entity: Jasminex Holding B.V.
(Future conversion to N.V.)
Strategic control
Capital raising
Institutional governance
Brand & IP ownership
Consolidated financial reporting
Future Euronext listing vehicle
Sponsor – 35%
DFI – 45%
Strategic Investors – 20%
This level is where equity investors participate.
Entity: Jasminex Holding Co., Ltd.
Country-level management
Agronomy governance
Contract farming enforcement
Export coordination
ESG implementation
Supervision of cluster SPVs
Thai HoldCo isolates operational complexity from EU capital layer.
Each province-level cluster operates as:
Separate Special Purpose Vehicle (SPV)
EPC contract execution
Asset ownership
DFI/local bank debt
Working capital management
Offtake agreement execution
Farmer integration
No cross-guarantees between SPVs.
Failure or underperformance in one cluster does not contaminate the entire platform.
This is critical for IPO readiness.
EU HoldCo
→ Injects equity into Thai HoldCo
→ Thai HoldCo allocates equity to Cluster SPVs
Cluster SPV level only
DFI debt
Local Thai bank debt
Project finance instruments
This structure:
Protects HoldCo balance sheet
Enables leverage optimization
Supports cluster-by-cluster scaling
Sponsor Director
DFI Director
Independent Director
Audit Committee
ESG / Sustainability Committee
Risk Committee
New share issuance
Major asset sale
Dividend distribution
Change in capital structure
Entry into new country
Related-party transaction
This protects minority investors.
Jasminex Holding B.V.
(Private company)
Convert:
Jasminex Holding B.V.
→ Jasminex Holding N.V.
This enables:
Public share issuance
Institutional liquidity
Listing compliance
Public Shareholders
│
▼
Jasminex Holding N.V.
│
▼
Thai HoldCo
│
▼
Cluster SPVs
IPO does not disturb SPV isolation.
Allows gradual cluster expansion
Supports mixed equity + DFI debt
Enables institutional oversight
Protects operational discipline
Makes Euronext pathway credible
Year 1–3:
1–3 clusters
Institutional governance built
Year 4–7:
Provincial replication
Portfolio refinancing
Year 8–10:
BV → NV conversion
Public listing readiness
Liquidity event optionality