The Stock Exchange of Thailand (SET) is evaluating a significant policy shift by potentially allowing alcohol beverage companies to list on its bourse, aiming to revitalize share offerings after a prolonged slump in equity market activity, according to Chairman Kitipong Urapeepatanapong in his interview with Bloomberg.
The exchange needs to quickly adapt before these firms turn outward to foreign markets, Kitipong said. He noted that permitting alcohol producers to go public would enhance the appeal of the country’s capital market.
Prospective candidates for listing include Thai Beverage, alongside the alcohol-related arms of Boon Rawd Brewery—the country’s largest beer producer—and Carabao Group, according to Kitipong.
Currently, Thailand does not have any publicly listed alcoholic beverage manufacturers, a situation stemming from ThaiBev’s aborted domestic IPO in 2005. Intense opposition from religious groups and activists had forced ThaiBev, controlled by billionaire Charoen Sirivadhanabhakdi, to instead launch its shares in Singapore. The failed listing bid resulted in the resignation of the then-SET president, following the loss of what could have been Thailand’s largest initial public offering to date.
Critics of alcohol producer IPOs argue that such listings would contradict the tenets of Buddhism and other faiths in a country where over 90% of the population identifies as Buddhist. However, Kitipong suggested the social environment has likely evolved, though he declined to comment on the potential for renewed opposition.
Thailand’s regulatory stance on alcohol consumption has shown signs of easing, with the government launching a pilot program in December—permitting the sale of alcoholic beverages between 2 pm and 5 pm for the first time since 1972. The initiative may be extended beyond its scheduled mid-2026 end date.
The Thai stock market has recently witnessed a wave of local companies seeking listings abroad, drawn by higher valuations and stronger investor demand. Crypto exchange Bitkub, for instance, is now eyeing a Hong Kong listing, reversing earlier plans for a domestic debut. In June 2026, coconut-water producer IFBH also made its first appearance on the Hong Kong exchange.
Investor sentiment has been hit further by the Thai equity market’s underperformance—it was Asia’s worst-performing benchmark index in 2025—and intensifying political risks ahead of national elections slated for February. Weak IPO activity is expected to persist into 2026 after the market saw its lowest number of new listings since 2010.
Kitipong noted that foreign investors have voiced dissatisfaction over the limited availability of quality and attractive companies in Thailand’s stock market.
To further attract listings, the SET is also considering introducing dual-class share structures, which would grant founders additional voting rights and address concerns about losing control after going public—an arrangement often favored by family-owned enterprises.
