SET Expects Quiet 2026 IPOs, Busy 2027 Rebound
The Stock Exchange of Thailand expects a muted IPO market in 2026 with fewer than 10 new listings, but anticipates a strong rebound in 2027 after March when annual results are released. A pipeline of large IPOs and funds worth over 50 billion baht is already in preparation, and regulators are adjusting rules to attract New Economy and technology companies.
Sarawit Krai-rik, Deputy Managing Director and Head of Market Operations at the Stock Exchange of Thailand (SET), revealed that the overall initial public offering (IPO) market in 2026 is expected to see no more than 10 companies list on the main board. Currently, five IPOs are already trading, with another one or two preparing to list. Meanwhile, 13 companies are under review by the Securities and Exchange Commission (SEC) and SET, and their readiness and progress must be monitored before they enter the capital market.
For 2027, the IPO market is projected to become much busier, especially after March, once companies announce their 2026 annual results. This will help entrepreneurs assess their business status and decide on fundraising plans more clearly. The 2027 pipeline includes large-cap stocks and large funds valued at over 50 billion baht that have already filed; securities firms are now conducting market sounding with domestic and institutional investors to gauge appetite before proceeding.
The IPO recovery depends on capital market conditions, investor confidence, and corporate readiness. The annual financial statement announcements are seen as a key factor that could prompt previously hesitant entrepreneurs to revisit listing plans.
Sarawit said SET remains focused on promoting New Economy businesses to the capital market through cooperation with the Board of Investment (BOI) under the BOI to IPO project, supporting high-potential companies in accessing funding via SET. At the same time, SET is reviewing the definition of the technology sector and considering adjusting market capitalization criteria for New Economy businesses to align with evolving business models and industry structures, with details expected to be announced within 2026.
Regarding the recent technology IPOs that saw sharp price gains, Sarawit viewed this as company-specific but a positive signal for the IPO market, particularly for tech and New Economy firms. "This criteria adjustment aims to increase suitability for new business models and open more opportunities for potential companies to raise capital through SET," he said.
On the Thai investment climate, positive factors are emerging, supported by global economic developments after the IMF-World Bank meetings and the UK roadshow led by the Prime Minister, which drew strong interest from foreign institutional investors. Foreign investors inquired about Thailand's economic fundamentals, reflecting their interest in tracking investment opportunities and the potential of the Thai capital market. SET believes the improving investment sentiment will bolster business confidence and help stimulate companies that had delayed IPO plans to consider fundraising next year.
Clarification: TNCC filing expired, not withdrawn.
