Mr. Soravis Krairiksh, Senior Executive Vice President (Chief Markets Officer) at the Stock Exchange of Thailand (SET), stated at the event “SET Zoom in: In-depth Analysis of Processes and Factors Affecting IPO Stock Prices” that the SET is currently in talks with the Securities and Exchange Commission (SEC) regarding proposed revisions to IPO criteria, especially certain elements that need adjustment to expedite proceedings and make listings more efficient, thereby encouraging more companies to register.
The Secretary of the SEC had earlier noted a shift towards greater data disclosure. In this context, some items may require less time for document review, and more information will be disclosed, which would help shorten the IPO process.
Recently, many companies have opted to raise funds in foreign stock markets. Mr. Soravis acknowledged that many international exchanges have been marketing aggressively in Thailand. However, the SET is striving to discuss improvement measures, particularly for the IPO process, to enhance its attractiveness. Ultimately, the decision rests with private companies. Nevertheless, there are still several large IPOs interested in listing on the Thai stock market.
The main reasons foreign stock markets are more attractive for company listings than the Thai market are 1) the index or price issuers receive, as foreign markets have a higher P/E ratio than Thailand; 2) stock market liquidity; and 3) a shorter or faster IPO process compared to Thailand. Under Thai regulations, the combined approval process for IPO offerings between the SEC and SET takes about 120 days, whereas in foreign markets the process can be as short as 90 days.
Meanwhile, the Investment Banking Club (IB Club) has proposed expanding the scope or proportion for allocating shares to benefactors and simplifying the process for this group. The details will be discussed with the SEC, and the proposed increase is from the current 25% to approximately 40%.
Mr. Soravis added that the overall number of IPO stocks this year is expected to total 19 companies, with a combined fundraising value of about THB 13 billion. Currently, there have already been 17 companies going public, raising around THB 12 billion. In the remainder of this year, another 2 companies will be listed on Market for Alternative Investment (mai).
Regarding the SET’s extension of the application period for companies to join the Jump+ project to March 31, 2026 (previously ending December 30, 2025), almost 100 companies have already applied, as targeted. However, the SET would like more large companies to join. Discussions indicated these companies may not meet the previous deadline, thus the extension aims to attract more big businesses to participate.
Mr. Thinnaphan Wanglee, Deputy Managing Director of Kasikorn Securities, stated that liquidity in the market is a key draw for IPOs. Over the past four years, foreign investor liquidity has outflowed by THB 450 billion, and it has not returned. If the U.S. Federal Reserve lowers interest rates two more times in 2026, there is a possibility that funds will return around mid to late 2026.
IPOs are generally filed in the period when annual reports are released, mainly in March–April each year. Consequently, most IPO sales occur toward the year-end. If interest rates drop and the market opens up, IPO activity is likely to return in late 2026.
Additionally, the new government team and its economic policies must be closely observed. If supportive measures are implemented, such as tax incentive funds to strengthen institutions, and with favorable interest rates, past IPO issues could be resolved. However, with a shrinking market size, institutions must invest cautiously. IPO shares that are not strong might be quickly sold off, unlike in the past when new capital would stabilize prices.
