Investor confidence is returning to Thailand’s IPO market, with industry leaders projecting a sustained rebound for new listings through the end of 2025 and beyond, according to top executives in the country’s capital markets. Experts anticipate that by the end of 2025, at least 10 companies will debut on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (mai).
Despite the absence of any IPOs on the main SET board during the first nine months of this year, mai welcomed eight new listings, most of which closed above their IPO price on their first trading day. Only one newly-listed company saw its share price finish below the offer price.
Among the standout performers, Mukdahan International Hospital Pcl (HANN) topped the charts, surging 202.86% to close at THB 2.12 from an IPO price of THB 0.70. Meanwhile, Skin Laboratory Pcl (SKIN), a beauty product distributor and manufacturer, ended its first session up 201.67% at THB 3.62 from an IPO price of THB 1.20. Other notable gainers included Bangkok Asset Intergroup Pcl (BKA), up 36.67%; Pro Inside Pcl (PIS), up 20%; Mother Marketing Pcl (MOTHER), up 15%; and LTMH Pcl, up 1%. In contrast, Nutrition Profest Pcl (NUT) closed down 23.53%, while Ngern Turbo Pcl (TURBO) rose 26% on debut.
Amnouy Jiramahapoka, Head of Issuer Group 1 and Acting for Issuer & Listing Division at the SET, told the local business media that the exchange is working closely with financial advisors and law firms to provide information and guidance for regional businesses seeking equity funding and listing opportunities. Amnouy noted that family-owned enterprises comprise 70-80% of listed companies on the SET and mai, making them a cornerstone of the Thai economy in both market capitalization and employment.
In 2023, family businesses registered total revenues of THB 8.31 trillion, accounting for 46.4% of the country’s GDP and employing over 1.35 million people. Newly established companies rose by 7.38% in 2024, with growth particularly strong in the tourism and family-activity sectors.
Prapan Charoenprawatt, President of mai, forecast that the market is on track for at least 10 IPOs this year, in line with historical averages, with several more filings expected to move forward into 2026. He expressed confidence that next year would see no fewer than 10 additional new listings.
“This government has been in office for four months and has already improved the overall picture in the short term. Looking ahead to the post-election environment, if the government remains stable and continues to pursue policies that build confidence and stimulate the economy, the outlook will continue to improve,” Prapan said.
Somphob Sakpunpanom, Chairman of Asset Pro Management (APM), a leading financial advisory firm, concurred that current government policies should benefit capital markets—particularly by helping to lower interest rates, enhance market liquidity, and promote fundraising via the capital market as business confidence strengthens.
“We are already seeing signs of a market recovery. If companies are still not ready for an IPO, they can consider alternative fundraising options such as SME bonds,” said Somphob, adding that he expects no fewer than five IPOs, including two from APM’s portfolio, to join the Thai bourses in the final quarter of this year. “The return of IPO activity signals that companies are preparing for expansion.”
