# Thai IPO Market Hits 13-Year Low Amid Tougher Rules and Weak Investor Sentiment

- Link: https://www.thailand-business-news.com/finance/224029-thai-ipo-market-hits-13-year-low-amid-tougher-rules-and-weak-investor-sentiment
- Published: 2025-06-06T10:43:55+07:00
- Author: J. Allan

Thailand’s initial public offering (IPO) market has slumped to its lowest level 
in over a decade, with just four companies going public in the first four months
of 2025. 

## Key takeaways

 * Thailand’s IPO activity hit a 13-year low in early 2025, with only four listings
   amid weak investor sentiment and global uncertainties.
 * Stricter SET and MAI listing rules now demand significantly higher profit thresholds,
   extending IPO timelines and increasing costs.
 * Despite the downturn, high-growth sectors continue to attract investor interest,
   with several IPOs planned for later this year.

The dramatic slowdown is attributed to sluggish investment sentiment, stricter regulatory
requirements, and broader economic uncertainties.

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Revised listing regulations from the Stock Exchange of Thailand (SET), which came
into effect on January 1, have raised the bar significantly for companies seeking
to list. 

Firms now need to show a net profit of at least 75 million baht in the most recent
year to qualify for a SET listing, up from the previous 30 million baht. 

For the Market for Alternative Investment (MAI), the annual profit threshold rose
from 10 million baht to 25 million.

In addition to the annual requirements, cumulative profit thresholds over two to
three years have also increased. 

The SET now requires a combined net profit of at least 125 million baht, while the
MAI mandates 40 million baht, where previously no such cumulative requirement existed.

These changes have lengthened IPO preparation times to around four years and significantly
increased listing costs, delaying access to much-needed fundraising for many companies.

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Data from Tris Rating reveals that investment banking revenue at securities firms
fell by 29.5% in the first nine months of 2024, the third consecutive year of decline.
IPO fundraising plummeted to just 19 billion baht, the lowest in more than 13 years.

Despite the downturn, some companies in high-growth sectors are still moving forward.
MAI president Prapan Charoenprawatt noted that investor interest remains strong 
in businesses aligned with emerging trends.

No new listings occurred on the SET as of May 28, but four firms, Bangkok Asset 
Intergroup (BKA), LTMH, Mother Marketing (MOTHER), and Pro Inside (PIS), have collectively
raised 898 million baht through MAI listings.

More IPOs are expected later this year. Among those preparing to debut on the SET
are MR. D.I.Y. Holding (Thailand), ThaiNamthip Corporation, and Atlas Energy, while
the MAI lineup includes Skin Laboratory, Nutrition Profess, and Mukdahan International
Hospital.