On September 23, the Stock Exchange of Thailand (SET) published SET Note No. 12/2026 titled “Family Businesses in the Thai Stock Market.” The study examined 843 listed companies on the SET Index and the Market for Alternative Investment (mai), finding that 705 companies, or approximately 84%, qualified as family businesses under the study’s criteria.
As of the end of July 2026, this group of companies had a combined market capitalization of THB 10.93 trillion, representing 54.2% of total market capitalization across the entire exchange. This reflects a 19.9% increase from the end of 2025, with the report identifying rising stock prices as the primary contributing factor.
Family businesses are distributed across various industry sectors, including food and beverage, property development, commerce, healthcare, media and publishing, construction materials, fashion, and agribusiness. The majority of these companies, or 72.3%, are listed on the main SET Index.
Regarding capital raising, between 2016 and July 2026, a total of 261 family businesses raised funds through initial public offerings out of 302 total listing companies, accounting for 86.4% of all IPO entries. Their combined capital raised exceeded THB 492.737 billion, or 81.5% of total IPO funds raised during that period.
Meanwhile, between 2016 and 2025, 301 family businesses secured additional capital in the secondary market across 2,515 transactions, totaling THB 629.963 billion.
In terms of operating performance for 2025, the 705 family businesses generated combined revenues of THB 9.75 trillion, accounting for 56.5% of total revenues among all studied listed companies. These businesses also paid more than THB 165.062 billion in corporate income tax, representing 21.4% of all corporate income tax collected nationwide by the Revenue Department that year.
Furthermore, this group employed approximately 1.68 million people, an increase of 2.0% from 2024. Employment was particularly concentrated in agriculture and food industries, services, consumer products, and real estate and construction, where family business employees accounted for more than 90% of total employment within each respective industry sector.
The report concluded that family businesses actively leverage the capital market to raise funds for business expansion through both IPOs and secondary offerings, while making major contributions to the Thai economy through employment and tax payments. Consequently, the Thai exchange recommended that the government support this sector to foster growth and facilitate broader access to capital sources.
