The SEC has amended the regulations governing the reporting of IPO share results with the aim of enhancing investor access to critical information. The amendments are designed to provide useful information for investors’ decision-making through timely disclosure, without imposing an undue burden on the issuer.
- The SEC has amended its IPO reporting rules to provide investors with critical information before the first trading day of IPO shares, aiming to improve investors’ decision-making.
- The amended regulations now require the submission of a supplemental report (81-1 Short-Form) with details on shareholders after the IPO and the top 40 IPO share recipients, to be submitted at least two business days before the first trading day or within 30 days after the offering closes.
- The new rules took effect from 1st March 2024 and apply to companies submitting effective securities offering registration forms after this date, aiming to enhance investor access to timely and useful information for decision-making.
The amended regulations are summarized in the following details.
1. In addition to the existing requirements for reporting the IPO shares results (Form 81-1-IPO), the issuer shall submit a supplemental report (81-1 Short-Form) to the SEC Office. The report shall include two (2) parts of information: 1) The shareholders after the IPO such as the number of shares and proportion of the shareholding after IPO, including the number of shares that are prohibited from selling under the locked-up requirements; and 2) the first 40 most allocated recipients of IPO shares, the number of allocated shares and the proportion of the allocations made compared to the total offering and the sources of the allocations.
2. The 81-1 Short-Form report of the shares offering results must be submitted at least two (2) business days prior to the first trading day of the shares or within 30 days after the closing date of the offering, whichever is earlier. The information shall be reported through the Stock Exchange of Thailand’s electronic system. Then, it is considered to have been reported to the SEC. (This is the same channel for submission of the current Form 81-1-IPO.)
The related Notification* has been published in the Royal Gazette and came into effect on 1 March 2024 onward. It applies to companies that submit effective securities offering registration forms (filing effective) after the effective date.
Source : The SEC amends the IPO reporting rules to improve investors’ decision-making
