The Stock Exchange of Thailand (SET) is proposing revisions to the listing rules for SET and Market for Alternative Investment (mai), aiming to attract quality companies, including New Economy companies, especially those with the Board of Investment (BOI) and the Eastern Economic Corridor (EEC) incentives, as well as foreign companies, SMEs and startups. The initiative seeks to broaden fundraising opportunities and diversify investor options, in line with SET’s mission to drive the Thai capital market towards a strong and internationally competitive "Trusted Marketplace" under the vision “The Trusted Gateway to Inclusive Opportunities.” SET is launching a market consultation on “Revision of Listing Rules for Attracting New Listings on the Stock Exchange of Thailand.” The key revisions are as follows:
- Revise the listing criteria for New Economy companies to reduce barriers and enhance flexibility, enabling more quality companies across target industries to list on the Thai bourses.
- Reduce the minimum market capitalization and operating revenue track record period, while requiring companies to generate core operating revenue from specified target industries in the most recent year, replacing the current fixed minimum operating revenue requirement.
- Establish a special track for BOI- and EEC-promoted companies to support the country's target industry development policies.
- Eliminate the requirement for foreign companies to demonstrate a contribution to the Thai economy, such as establishing a manufacturing base in Thailand, to facilitate the listing of large and quality multinational companies.
- Revise the public offering criteria for foreign companies listed on stock exchanges in countries not on the Securities and Exchange Commission (SEC)-recognized list (Unrecognized Countries), by applying the Secondary Listing criteria governing foreign companies listed on stock exchanges in the SEC-recognized countries, to reduce listing barriers for such quality companies.
- Revise the Silent Period requirements to align with international standards, in order to attract foreign companies, while maintaining share price stability and enhancing investor confidence.
- Adjust the criteria for Strategic Shareholders by prohibiting them from selling their entire shareholding post-IPO, with a minimum lockup proportion to maintain their aggregate shareholding at a sufficient level to demonstrate long-term management commitment.
- Align the Silent Period duration for foreign companies with that applicable to Thai companies to ensure fairness and attract the listing of high-potential foreign companies.
- Reduce the Silent Period duration for unprofitable companies (including, New Economy and infrastructure companies) from three to two times that applicable to profitable companies, in line with the practices of foreign stock exchanges.
This market consultation aims to gather useful information for the consideration of revising the aforementioned criteria. SET has published the consultation document with details on its website: https://www.set.or.th/en/rules-regulations/market-consultation under the topic “Revision of Listing Rules for Attracting New Listings on the Stock Exchange of Thailand.” Your opinions are welcomed at https://forms.gle/zSo1pPtQyf9Uhc249 until May 8, 2026.
