IPOs decline to 13-year low on sentiment

New listing rules tightened

- NUNTAWUN POLKUAMDEE

Initial public offerings (IPOs) fell to the lowest amount in 13 years during the first four months of 2025, with only four companies listing on Thai bourses, attributed to sluggish investment sentiment, tighter regulatory requirements under new listing rules and broader economic headwinds.

The Stock Exchange of Thailand's (SET) revised listing rules came into effect on Jan 1, with stricter profit requirements for companies seeking to go public.

Under the new rules, companies aiming to list on the SET must report a minimum net profit of 75 million baht in the most recent year, up from the previous 30 million.

For listings on the Market for Alternative Investment (MAI), the requirement increased from 10 million baht to 25 million.