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Markets Score 35 Bearish

Thai Equity Market Struggles as IPO Pipeline Stalls Over Valuations

Apr 23, 2026 09:36 UTC
Medium term

The Stock Exchange of Thailand is experiencing a slowdown in new listings as companies struggle to find acceptable valuations. President Asadej Kongsiri notes that while investor interest is returning, the long lead time for IPOs continues to hinder growth.

  • SET President Asadej Kongsiri reports a difficult IPO pipeline
  • Valuation concerns are the primary deterrent for potential issuers
  • IPO development cycles typically last two to three years
  • Signs of renewed investor interest are appearing
  • Market conditions are impacting the timing and volume of new listings

The Stock Exchange of Thailand (SET) is facing persistent headwinds in its initial public offering (IPO) pipeline, according to exchange leadership. President Asadej Kongsiri indicated that the environment for new listings remains challenging despite a gradual return of investor appetite. The primary obstacle for potential issuers is the current valuation landscape. Companies seeking to go public are finding it difficult to align their internal valuation expectations with market realities, leading to delays or cancellations of planned offerings. Kongsiri emphasized the structural nature of the IPO process, noting that the development of a listing typically spans a two-to-three-year window. This lag means that current market volatility and valuation gaps have a prolonged effect on the volume of new entries into the Thai equity market. While the emergence of renewed investor interest provides a glimmer of hope, the SET must navigate these valuation hurdles to revitalize its pipeline. The situation reflects broader trends in emerging markets where cautious pricing is necessary to ensure successful debuts in a volatile global economic climate.

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