The Stock Exchange of Thailand (SET) is revising its New Economy criteria to unlock IPO potential, aiming for listings to be traded within 90 days.

The Stock Exchange of Thailand (SET) is moving forward with revising its New Economy regulations, paving the way for 10 new global industries and reducing the profit requirement to one year. It will also collaborate with the Securities and Exchange Commission (SEC) on a sandbox approach, aiming to reduce the time from filing to trading to 90 days. This is intended to enhance the Thai stock market's competitiveness in the region, following only three IPOs in the first eight months of 2026. Meanwhile, foreign interest in the Thai market remains, citing profit potential and political stability as key factors.

September 8, 2026 – Mr. Assadej Kongsiri, Director and President of the Stock Exchange of Thailand (SET) , revealed that foreign investors continue to show interest in the Thai stock market. One of the supporting factors is the improved performance of listed companies in the second quarter of 2026, leading foreign investors to have a more positive view of the growth potential of Thai listed companies and boosting the overall Thai stock market.

Although current U.S. government bond yields are high, leading to some foreign investment flowing back into the U.S. bond market which offers returns of around 4-5% and is considered a low-risk asset, if Thai listed companies can continue to generate strong growth, the Thai stock market will remain attractive due to its potential to generate higher returns than U.S. bonds, and thus potentially attract more foreign investment.

However, another factor that foreign investors place great importance on is political stability. Discussions with foreign investors at Thailand Focus 2026 revealed that political stability and security are top priorities, along with the performance of listed companies.

This is because political factors directly affect the progress of national development policies, including various investment plans with supporting action plans. If the political situation stalls, it could cause these action plans to be delayed, affecting the confidence of foreign investors.

"If political factors falter, it could create noise for the Thai stock market. However, I believe that currently and in the short term, Thailand's politics remain stable and secure, so it's not yet a factor that concerns foreign investors in the short term," said Mr. Assadej.

For the listing of new companies on the Stock Exchange of Thailand, the SET (Stock Exchange of Thailand) continues to push forward, especially for companies in the New Economy sector. This requires consideration of both the readiness of each business and market conditions at the time of the IPO and trading commencement.

Mr. Assadej stated that preparing for an IPO generally takes a considerable amount of time, around 1-3 years. Meanwhile, the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) have rigorous verification processes to ensure that listed companies are of high quality and can build long-term investor confidence.

However, the overall Thai IPO market this year has been relatively sluggish and has not received much response from investors. In the past eight months, only three companies have offered IPOs and listed their shares on the market. Most of these companies are in traditional, "old-world" industries, lacking trading appeal and resulting in relatively low liquidity after listing compared to stock markets in many other countries where IPOs remain vibrant.

This situation reflects that IPO competition is not limited to companies competing to raise funds, but also includes competition between stock markets in the region regarding which market has regulations that are more conducive to fundraising. Because if the regulations are appropriate, there is a greater chance of attracting quality companies to list, thus increasing the vibrancy of the capital market.

Therefore, the Stock Exchange of Thailand (SET) is proceeding with significant revisions to its criteria to remove limitations and enhance its ability to attract New Economy companies, including foreign companies, to list on the stock exchange. These new criteria are scheduled to come into effect on September 11, 2569.

The Stock Exchange of Thailand views this revision of the New Economy criteria as a crucial starting point for upgrading Thailand's IPO regulations to better compete with leading stock markets in the region. It focuses on two key areas: opening the way for businesses in 10 emerging global industries to enter the market more quickly, and reducing the filing review period to enable IPOs to be traded more rapidly.

Mr. Assadej stated that the New Economy criteria will open up opportunities for new businesses in 10 designated industries to list on the stock exchange more quickly. Previously, companies needed to have continuous revenue for three years; this will be reduced to just one year to align with the characteristics of modern businesses, which may be in a period of rapid expansion and have different growth models than traditional businesses.

"This revision of the criteria stems from listening to the voices of entrepreneurs and investors who believe that the Thai stock market is dominated by old-world industries. We therefore want to attract new businesses, and the regulations must facilitate greater access to the capital market," said Mr. Assadej.

Comparing Thailand's listing criteria with those of Singapore and Hong Kong, they are currently quite similar. However, Thailand still needs to provide more incentives for companies seeking to raise capital domestically, particularly through support from the Board of Investment (BOI). Discussions are currently underway to determine what additional benefits can be offered.

Another important issue that the Stock Exchange of Thailand (SET) is urgently addressing is reducing the review period for companies seeking to raise capital in the capital market. Currently, companies offering IPOs typically take around 165 days from filing to the date of trading, which is considered quite long.

Mr. Sarawis Krairiksh, Deputy Manager and Head of Marketing at the Stock Exchange of Thailand (SET) , stated that the SET has been working with the SEC (Securities and Exchange Commission of Thailand) through a joint sandbox operation to streamline processes and reduce review times, aiming for companies offering IPOs to be able to trade on the market within 90 days.

Currently, the Stock Exchange of Thailand (SET) is in the process of revising its regulations and preparing to attract more new companies to use the capital market as a fundraising channel. Therefore, the results of these revisions may not be clearly visible this year, but are likely to become more apparent in 2570.

For the overall IPO market in 2569, it is considered the most sluggish in over 20 years. The Stock Exchange of Thailand (SET) expects approximately 10-15 companies to be listed throughout the year and anticipates a recovery in the IPO market in 2570.

Mr. Sarawit stated that the number of companies offering IPOs and listing their shares this year is the lowest ever, down from 18 companies last year. Throughout the first eight months of 2026, only three companies conducted IPOs and listed their shares on the market.

However, the Stock Exchange of Thailand (SET) still expects the number of IPOs for the entire year to be around 10-15 companies. According to the Securities and Exchange Commission (SEC), six companies have already received filing approval, and another six are in the process of data verification. Ultimately, however, the readiness of each company to proceed with the offering and trading will need to be considered.

This adjustment to the criteria is therefore considered one of the key approaches of the Stock Exchange of Thailand (SET) in enhancing the competitiveness of the Thai capital market. This includes opening up more opportunities for New Economy businesses to raise capital, reducing time constraints for loan approvals, and creating incentives for high-quality companies, both domestic and international, to choose the Thai capital market as a future funding source.

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