Thai IPOs: 13-Year Low & Market Outlook
- Thailand's initial public offering (IPO) market has plummeted to its lowest level in more than a decade.
- The Stock Exchange of Thailand (SET) implemented revised listing regulations on Jan.
- Cumulative profit requirements over two to three years also increased.
Thailand’s IPO market is experiencing a significant downturn, reaching a 13-year low in early 2025. Stricter listing rules,demanding higher profit thresholds,are contributing to increased costs and delays for companies seeking public offerings. However, investor interest remains strong in specific high-growth sectors, presenting opportunities amidst the challenges. The revised regulations, implemented by the Stock Exchange of Thailand, have reshaped the landscape for potential IPOs. Find out how these changes impact fundraising and the overall economic outlook. News Directory 3 is tracking the shifting tides of the Thai market. Discover what’s next for the pipeline of companies planning to go public.
Thailand IPO Market Slumps to Decade Low Amid Stricter Rules
Updated June 6, 2025
Thailand’s initial public offering (IPO) market has plummeted to its lowest level in more than a decade. Only four companies went public in the first four months of 2025, reflecting weak investor sentiment and global economic uncertainties.
The Stock Exchange of Thailand (SET) implemented revised listing regulations on Jan. 1,raising the financial bar for companies. Firms now need a net profit of at least 75 million baht to list on the SET, up from 30 million baht. The Market for Option Investment (MAI) increased its annual profit threshold from 10 million to 25 million baht.
Cumulative profit requirements over two to three years also increased. The SET now requires a combined net profit of at least 125 million baht, while the MAI mandates 40 million baht. These changes have extended IPO preparation times and increased listing costs,delaying fundraising access.
Tris Rating data indicates that investment banking revenue at securities firms fell 29.5% in the first nine months of 2024, marking the third consecutive year of decline. IPO fundraising dropped to 19 billion baht, the lowest in over 13 years.
Despite the downturn in the Thailand IPO market, some high-growth companies are proceeding with listing plans.Prapan Charoenprawatt, president of the MAI, said investor interest remains strong in businesses aligned with emerging trends.
As of May 28,no new listings occurred on the SET. Though, four firms—Bangkok Asset Intergroup (BKA), LTMH, mother Marketing (MOTHER), and pro Inside (PIS)—raised a combined 898 million baht through MAI listings.
What’s next
More IPOs are anticipated later in 2025. MR. D.I.Y. Holding (Thailand), ThaiNamthip Corporation, and Atlas Energy are preparing to debut on the SET. Skin Laboratory, Nutrition Profess, and Mukdahan International Hospital are in the MAI pipeline.