Thai Enquirer
1st IPO on Thailand’s stock market in 2026 sees dismal performance
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◌ Single Source
Phatra Group Plc (PHAT), a palm oil producer, became the 1 st firm to list on the Stock Exchange of Thailand’s Market for Alternative Investment (MAI) today with the stock declining at the opening bell.
Key facts
- The Krabi based PHAT opened trading at 1.84 Baht/share from the initial public offering price of 2.00 Baht/share.
- 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
- 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
- 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.
- PHAT’s listing was the 1 st listing on the Thai stock market in 2026 after a dry spell whereby the number of IPOs in Thailand has declined drastically
Summary
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 1 st 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.