1st IPO on Thailand’s stock market in 2026 sees dismal performance

Phatra Group Plc (PHAT), a palm oil producer, became the 1st firm to list on the Stock Exchange of Thailand’s Market for Alternative Investment (MAI) today with the stock declining at the opening bell. Screenshot The Krabi based PHAT opened trading at 1.84 Baht/share from the initial public offering price of 2.00 Baht/share. PHAT’s listing was the 1st listing on the Thai stock market in 2026 after a dry spell whereby the number of IPOs in Thailand has declined drastically. The only big offering in 2025 was MR DIY (Thailand) Plc. Drought of IPOs despite the surge in the SET Index Although Thailand’s SET Index has risen by as much as 28% so far this year, the number of IPOs has dried up over the years amid declining demand for IPOs and focus on the secondary markets only. IPO activity on the SET experienced a sharp deceleration through 2025, recording its lowest fundraising performance in recent years as macroeconomic headwinds and domestic market factors curbed primary market liquidity. According to capital markets analysis from Deloitte, total funds raised through IPOs in Thailand reached approximately US$348 million in 2025, representing a steep drop from the US$750+ million raised in 2024 and falling far short of the historic multi-billion-dollar annual averages seen between 2012 and 2023. Key Market Factors & Performance Indicators While broader Southeast Asian equity markets generated roughly US$5.6 billion in IPO proceeds during 2025—led by strong activity in Singapore, Malaysia, and Indonesia—Thailand lagged behind its regional peers. The bulk of Thailand’s 2025 fundraising total was dominated by a single major issuer, Mr DIY Holding (Thailand), which raised roughly US$174 million. The offering accounted for approximately half of the total IPO capital generated nationwide during the calendar year. Financial analysts attribute the subdued 2025 issuance volume to prolonged domestic political uncertainty, elevated household debt impacting retail investor sentiment, and persistent foreign capital outflows from the main SET index. The post 1st IPO on Thailand’s stock market in 2026 sees dismal performance appeared first on Thai Enquirer.