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Thailand IPO market to stay weak as firms list overseas
Thailand’s IPO market is expected to remain weak as more local firms seek overseas listings for better valuations, said Soravis Krairiksh, senior executive vice president at the Thai stock exchange.
The market may stabilize in 2026, but a strong recovery is unlikely.
Thailand’s IPO process takes about six months, while some foreign exchanges can approve listings in less than half that time.
Soravis noted that valuation, liquidity, and process efficiency are prompting Thai companies to list abroad.
The country’s benchmark stock index is down about 9% in 2025, making it the worst-performing in Asia.
Foreign investors have withdrawn US$3.2 billion from Thai equities this year, after pulling nearly US$10 billion in the previous two years.
The IPO market is on track for its weakest year since 2010, raising about 13 billion baht (US$417 million).
🔗 Source: Bloomberg
🧠 Food for thought
Implications, context, and why it matters.
Hong Kong keeps an IPO lead over Thailand
- Average daily turnover at Hong Kong Exchanges and Clearing (HKEX) hit HK$230.7 billion in the first 11 months of 2025, up 43% year on year, which signals deeper liquidity than Thailand’s market 1
- Hong Kong is on track to raise HK$272.1 billion across 100 listings in 2025, a 210% jump from 2024 2. Thailand’s IPO market raised about 13 billion baht (US$417 million), the weakest year since 2010 3
- HKEX’s Technology Enterprises Channel (a dedicated conduit for information plus applications for tech companies) speeds listings 2. Confidential submission options (allowing pre-public filing) cut friction, while Thailand’s process takes about six months that companies see as a drawback 3
- HKEX added the Stock Exchange of Thailand as a Recognised Stock Exchange (a designation that can make cross-listings procedurally easier), which could ease dual listings and signals Hong Kong’s competitive position 1
Cross-border IPO firms can win Thai deals
- As of 7 December 2025, 316 IPO applications were active in Hong Kong, creating demand for listing support for Southeast Asian issuers 2
- Legal advisors, accounting firms, plus compliance specialists that focus on HKEX Chapter 18A (the biotech listing regime allowing pre-revenue companies) can pitch Thai issuers 2. Chapter 18C (for specialist technology companies) fits tech or healthcare names seeking better valuations 2
- Investor relations (IR) platforms plus virtual roadshow providers can help Thai companies reach Hong Kong’s diversified institutional investor base 4. That pool now draws more participation from Southeast Asian sovereign wealth funds (government-owned investment funds) and Middle Eastern investors 4
- Companies like Bitkub considering Hong Kong listings represent an opportunity worth about $200 million per issuer for investment banks and listing advisors 5
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