Thailand in the region’s top 3 for IPOs

Thailand ranked among the top three initial public offering (IPO) markets in Southeast Asia, representing 26% of total fundraising across the region, with a strong pipeline of IPOs in the consumer, healthcare and real estate sectors, says global consultancy Deloitte.
There were 29 IPOs in Thailand this year as of Nov 15, mobilising new funds worth US$756 million. Across Southeast Asia, roughly $3 billion was raised in total through 122 IPOs, with Malaysia leading the region in terms of the number of IPOs, total funds raised and IPO market capitalisation.
While the number of IPOs remains healthy, the total capital raised was the lowest recorded in nine years, declining from $5.8 billion raised from 163 IPOs in 2023.
“In 2024, Thailand’s stock market landscape and IPO listings reflect a combination of economic recovery and moderate growth. As companies seek to capitalise on post-pandemic growth, many have demonstrated resilience and developed business strategies and operations that use generative artificial intelligence and robotics,” said Wilasinee Krishnamra, transactions accounting support partner at Deloitte Thailand.
The regulator introduced initiatives to enhance market transparency and support growing businesses, including small firms, aiming to stimulate fundraising activities, said the consultancy.
“While challenges with economic decoupling and climate change persist, the capital market continues to recover, fuelled by strong governance and political stability,” said Ms Wilasinee.
Upcoming IPOs are planned in the consumer, life sciences and healthcare sectors, along with real estate investment trusts as companies look to capitalise on opportunities in the Thai market, she said.
Tay Hwee Ling, accounting and reporting assurance leader at Deloitte Southeast Asia, said Southeast Asia’s IPO market encountered significant regional challenges this year, including currency fluctuations, regulatory differences across markets, and geopolitical tensions that affected trade and investment.
“High interest rates across Southeast Asian economies further constrained corporate borrowing, dampening IPO activity as companies opted to delay public listings,” she said.
In addition, market volatility among major trading partners such as China affected investor confidence, while varied regulatory requirements across Southeast Asian nations created complexities for companies seeking cross-border listings, said Ms Hwee Ling.
In terms of industries, consumer and energy and resources were the top two dominating the region, accounting for 52% of all IPOs and 64% of the total IPO funds raised.
Deloitte anticipates the region’s IPO market will rebound next year, supported by expected interest rate cuts that may create a more favourable environment for IPOs in the years ahead.
“Southeast Asia’s strong consumer base, growing middle class, and strategic importance in sectors such as real estate, healthcare and renewable energy remain attractive to investors,” she said.
As foreign direct investment continues to flow into the region, 2025 is poised to be a year of renewed IPO activity across Southeast Asia, said Ms Hwee Ling.