Initial Public Offerings (IPOs) in Thailand declined to their lowest level in 13 years during the first four months of 2025, with only four companies successfully listing on the country’s stock exchanges. Experts cite subdued investor sentiment, more stringent regulatory requirements introduced under new listing rules, and broader economic headwinds as primary factors behind the downturn.
Effective from January 1, the Stock Exchange of Thailand (SET) implemented revised listing regulations, imposing higher profit thresholds for companies seeking to go public. Under the new guidelines, firms aiming to list on the SET must demonstrate a minimum net profit of 75 million baht in the most recent fiscal year—an increase from the previous requirement of 30 million baht. Similarly, listings on the Market for Alternative Investment (MAI) now require a net profit of at least 25 million baht, up from 10 million.
Furthermore, the accumulated net profit thresholds over the past 2-3 years have also been raised. For the SET, the threshold increased from 50 million baht to 125 million baht, while the MAI now stipulates a combined profit of at least 40 million baht, with no previous minimum requirement. These heightened criteria have extended the preparation period for companies, with a minimum of four years now necessary to meet listing standards—leading to increased costs and delayed fundraising efforts.
Akekajak Buahapakdee, Managing Director of Capital One Partner Co., an investment consultancy, remarked, “The market downturn, rising costs, and stricter listing requirements have prompted many companies to postpone their IPO plans. In this volatile environment, amidst ongoing global trade tensions, it’s increasingly difficult for firms to raise capital at their desired valuations.”
According to Tris Rating, investment banking revenues for securities firms declined by 29.5% during the first nine months of 2024, marking the third consecutive year of decline in this segment. The total value of funds raised through IPOs fell to 19 billion baht, the lowest figure seen in over a decade.
While market volatility and global trade conflicts have caused some companies to defer IPO plans, Prapan Charoenprawatt, President of the MAI, noted that companies operating in high-potential sectors aligned with current investment trends continue to attract strong investor interest. He also highlighted several upcoming IPOs, including listings for Ngernturbo, MR. D.I.Y. Holding (Thailand), Atlas Energy, Masstec Link, Onsen Retreat and Spa Group, Platinum Fruits, Smothong Group, Thai Packaging Industry, Unique Plastic Industry, and ThaiNamthip Corporation on the SET.
On the MAI, future listings include Blue Solutions, Skin Laboratory, Smart TTC, Skilllane Technology, Mukdahan International Hospital, MMM Capital, Nutrition Profess, 88 (Thailand), Indigy, Laundry You, NTF Intergroup (Thailand), GP Mobility, Lightsource Group, and Thai Eastern Bio Power.
As of May 28, no new companies listed shares on the SET this year, while four companies have raised a combined 898 million baht through MAI listings: Bangkok Asset Intergroup (BKA), LTMH, Mother Marketing (MOTHER), and Pro Inside (PIS).
