In 2025, stocks that launched initial public offerings (IPO) faced significant challenges, with most newly listed companies on the Thai stock exchanges seeing their share price fall below the offering price on their first day of trading.
Throughout the year, there were 18 IPOs in total: 6 companies on the Stock Exchange of Thailand (SET) and 12 companies on the Market for Alternative Investment (mai). Among the SET IPOs, only one company closed above its offering price on the first trading day, another finished at par, while four closed below the offering price. In the mai, 9 IPOs closed above offer price and 3 below, resulting in 42% of IPOs ending below their listing price.
The number of IPOs and total capital raised in 2025 declined sharply to THB 12,453.25 million. The top three sectors by capital raised were Services, Resources, and Agriculture & Food Industries. In comparison, before 2022, IPO fundraising in the Thai stock market commonly reached hundreds of billions of baht annually, with 30-40 companies listed each year on SET and mai.
The trend shows a steady decline in IPO fundraising: THB 40 billion in 2023, THB 20 billion in 2024, and THB 12.4 billion in 2025, with most listings being medium- and small-sized companies on mai.
2025 was marked by a subdued investment climate, with average daily trading value at only THB 41 billion, compared to THB 45 billion in 2024 and THB 51 billion in 2023. This environment hindered fundraising plans for aspiring listed companies.
Furthermore, stricter IPO regulations—including higher quality controls, profitability requirements, and larger proportions of shares allocated for public sale—led to a more rigorous IPO process, reflected in fundraising costs tripling compared to previous periods.
According to the Securities and Exchange Commission (SEC) as of November 2025, there were 5 companies approved and ready to offer IPOs, 2 companies under review, and another 41 in the pre-consultation stage, all with lower fundraising values than the same period last year.
SET data showed that the SEC has approved IPOs for the following companies: Unique Plastic Industry Public Company Limited, ThaiNamthip Corporation Public Company Limited, Thai Eastern Bio Power Public Company Limited, and Petpal Products Public Company Limited.
Thinnaphan Wanglee, Deputy Managing Director of Kasikorn Securities, assessed that the IPO market will remain muted in the first half of 2026, as most issuers await clarity regarding the new general election. However, an upturn is expected in the second half, especially towards year-end. He anticipates that a new government and fresh economic stimulus measures could boost investments and improve market liquidity.
He also advised retail investors to do more research and thoroughly compare information from various sources, especially by studying the filing and financial statements to assess how capital raised from the IPO will be allocated and how it will impact future financials.
Soravis Krairiksh, Chief Markets Officer at SET, stated that the SET will work with the SEC to shorten the IPO process from 120 days to 90 days to attract new listings and bolster the Thai market’s competitiveness against regional rivals, such as Hong Kong and Singapore, which have been proactive in attracting Thai companies to raise funds abroad.
The exchange also plans to attract companies with BOI investment privileges to list and will enhance company appeal through the Jump+ program, already drawing interest from 100 large companies.
The IPO market is expected to recover in 2026 both in terms of the number of listings and total fundraising, due to several large companies having filed or planning to file. If market conditions improve, IPOs could make a comeback.
While 2025 was a “tough” year for IPOs, 2026 may continue to present challenges. The recovery of the IPO market will depend on whether the election can revive investor sentiment and bring renewed vitality to Thai IPOs.
