OECD Capital Market Review of Thailand 2025

3. The public equity market

Abstract

This chapter describes the equity market landscape in Thailand, including the market infrastructure and recent developments. It provides an overview of listed companies and the main trends in the use of initial and secondary public offerings as well as delistings from the stock market. It also describes the ownership structure of listed companies in Thailand. The chapter compares all these developments with peer countries.

3.1. Developments and structure of the Thai stock market

Thailand’s stock market is the second largest in the ASEAN region. The Stock Exchange of Thailand (SET) has one of the most active markets in the region since the Asian financial crisis.

The first Thai stock exchange, the Bangkok Stock Exchange, was founded in Bangkok in 1962. This first market shut down in 1971 after years of declining volumes. With backing from the government, the Securities Exchange of Thailand was established in 1975 – consequently renamed the SET in 1991. The same year, the Securities and Exchange Commission of Thailand (SEC) was formed to regulate, supervise and monitor the securities market. Following the Asian financial crisis, efforts were made to improve corporate governance, quality of financial disclosures, independence of directors and investor protection. The SET issued a ‘Code of Best Practice for Directors of Listed Companies’ and in 2002 the government formed the National Governance Committee, charged with developing policies to improve corporate governance (Jongsureyapart, Wise and Yaftian, 2012[1]).

Meanwhile, the market expanded with new products and fundraising opportunities. In 1998, the market for alternative investment (mai) was established, specialising in fundraising for small and medium enterprises (SMEs). This was followed by the launch of the Thailand Futures Exchange (TFEX) in 2004 which introduced derivatives trading. Depositary receipts (DRs) were introduced in 2015, allowing Thai investors to access foreign securities in their own market. In 2022 the LiVEx market for SMEs and startups was added in an effort to further expand fundraising capacity and strengthen the funding ecosystem for growth companies. The SET also partnered with Nasdaq in 2023 to launch a new trading system, expanding the partnership in 2025 to access improved tools to monitor potential abuse (Nasdaq, 2025[2]).

The SEC is the regulator and supervisor of the Thai securities markets, while simultaneously being in charge of capital market development. It acts with the status of an independent state agency and is governed by the Securities and Exchange Act BE 2535 (National Assembly of Thailand, 1992[3]). The SEC’s responsibilities are divided between three authorities: the SEC Board, which is responsible for market development and regulations at the policy level; the Capital Market Supervisory Board, which supervises securities businesses; and the SEC Office which implements policies, supervises securities businesses’ operations and public offerings, inspects corporations and individuals that have been licensed or approved, and develops financial products (SEC Thailand, 2025[4]).

The SEC also regulates the SET, the only operator of stock markets in Thailand. The SET is composed of four markets, the Main Market (SET), the market for alternative investments (mai) for smaller companies, the LiVE Exchange (LiVEx) for certain SMEs and startups, and Thailand Futures Exchange (TFEX) for derivatives. Besides stocks, securities include real estate investment trusts, exchange-traded funds, warrants, derivative warrants, depositary receipts, property funds and infrastructure funds. Apart from departments in charge of issuance, trading, supervision and related services, the group provides depository, clearing and settlement and post-trading facilities (SET, 2025[5]). The SET has 35 members and is governed by a board of 11 directors, 6 of which appointed by the SEC, 4 by SET members and 1 president, elected by the Board (SET, 2025[6]).

Table 3.1. Key dates and developments for the Thai stock market

Year	Key event
2025	Partnership between SET and Nasdaq expanded by adding risk and surveillance technology to increase the ability of the exchange to identify market abuse, monitor high-frequency trading and short-selling.
	Short selling temporarily banned following the strong market reactions to the US tariffs.
2024	The SEC approves the sale of leverage and inverse exchange-traded funds.
2023	Thai ESG scheme launched, introducing special tax-incentivised funds. Partnership between SET and Nasdaq for a new trading system.
2022	LiVEx market for SMEs and startups launched with lighter criteria than the main and mai markets.
2018	SET moves from a T+3 to a T+2 settlement cycle, moving closer to European and US markets.
2017	SET issues the current Corporate Governance Code.
2015	Depositary receipts are introduced to allow investors in Thailand to invest in foreign securities through local securities business operators.
2013	Introduction and listing of the first real estate investment trust.
2012	Thailand participates in the ASEAN Trading Link initiative, connecting with other ASEAN markets to facilitate cross-border trading.
2010	Mobile trading introduced through the Settrade streaming application.
2008	Single stock futures launched.
	The central bank and SET coordinate to allow Thai investors to access foreign markets through local brokerages.
2006	Launch of SET50 Index Futures as the first futures product.
2004	The Thailand Futures Exchange (TFEX) is launched.
2002	The Thai cabinet forms the National Corporate Governance Committee to present policies, measures and procedures to improve corporate governance in Thailand.
	The SEC and SET establish the Association for Minority Shareholders to educate retail investors and increase their participation at shareholder meetings.
2000	The SET transitions to a fully electronic trading system.
1999	SET issues a Code of Best Practice for Directors of Listed Companies.
1998	The SET establishes the market for alternative investment (mai) to provide a stock market for small and medium-sized enterprises.
1991	Trading computerised.
	Formation of the Securities and Exchange Commission, Thailand.
1975	Establishment of the Securities Exchange of Thailand (renamed the Stock Exchange of Thailand in 1991).

Source: Jongsureyapart, Wise and Yaftian (2012[1]), Post-crisis corporate governance and the Thailand: banking sector, https://doaj.org/article/2db51bc051144a56bd35a43f1178566c; SET (2025[7]), History and roles - The Stock Exchange of Thailand, https://www.set.or.th/en/about/overview/journey; Persons (2006[8]), Corporate governance in Thailand: What has been done since the 1997 financial crisis?, 10.1057/palgrave.jdg.2040084; TFEX (2025[9]), Corporate Milestones - TFEX : Thailand Futures Exchange, https://www.tfex.co.th/en/about/overview/corporate-milestone; SEC (2008[10]), Thailand Annual Report 2008, https://www.sec.or.th/EN/Documents/AnnualReport/pb_ar_2008.pdf; FT (2025[11]), Thailand ushers in sale of leveraged ETFs to retail investors, https://www.ft.com/content/d0983712-3c7e-4ecc-b638-185d748b3380; Thanathip & Partners (2021[12]), Depositary Receipts in Thailand, https://www.thanathippartners.com/insights/publications/depositary-receipts-in-thailand-t2u2.html; Nasdaq (2025[13]), SET and Nasdaq Announce Expanded Strategic Technology Partnership to Modernize Thailand's Capital Markets, https://www.nasdaq.com/articles/set-and-nasdaq-announce-expanded-strategic-technology-partnership-modernize-thailands.

Registration and depository services are performed by the Thailand Securities Depository Company Ltd. (TSD). The TSD is responsible for servicing equity and debt securities for SET and mai companies. Registration services include benefit payments to securities holders and ensuring foreign shareholding is consistent with Thai regulations. The SET also owns Thailand Clearing House Company Ltd. (TCH), which serves as the clearing and settlement provider for Thai securities (SET, 2025[14]). The SET is currently planning to launch a new enhanced clearing and settlement system in 2027, SET Clear.

Non-voting depository receipt (NVDR) trading is executed through a separate entity, the Thai NVDR Co. Ltd. Finally, under SET Venture Holding Co. Ltd. (SVH), the SET manages a number of businesses and infrastructure platforms that support capital markets development.

3.2. Overview of the stock market

At the end of 2024, there were 861 companies listed on the Thai stock market with a total market capitalisation of USD 510 billion. Among ASEAN peers, Thailand ranks second in terms of market capitalisation. Its market capitalisation is equivalent to 96% of GDP, second only to Malaysia’s 102% and significantly higher than other economies such as Indonesia, Singapore and Viet Nam (Figure 3.1). In addition, the median size of listed companies in Thailand is USD 54 million, slightly larger than in other ASEAN economies, except the Philippines.

Figure 3.1. Listed companies on main and growth markets, end of 2024

Notes: “T” stands for trillion, and “B” stands for billion. The GDP used in the calculations corresponds to 2024 GDP. Companies listed on LiVEx is excluded from the calculation.

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, see Annex for details.

Thailand’s equity market developed strongly over the past two decades. In 2000, there were only 381 companies listed in Thailand, with a total market capitalisation of USD 29 billion. Since then, positive net listing has been consistently strong (averaging 20 net annual listings). Since 2020, average annual net listings have been 27, leading to a significant increase in the number of listed companies. The market capitalisation has grown from USD 29 billion in 2000 to USD 510 billion in 2024.

Figure 3.2. Listed companies in Thailand: number of listings and total market capitalisation

Notes: Market capitalisation is adjusted for inflation to 2024 USD. Companies listed on LiVEx is excluded from the calculation.

Source: World Bank (2024[15]), Listed domestic companies - Data, https://data.worldbank.org/indicator/CM.MKT.LDOM.NO; OECD Capital Market Series dataset; see Annex for details.

The SET operates a three-tier market structure: the Main Market, the Market for Alternative Investment (mai) and the LiVE Exchange (LiVEx). The Main Market dominates the Thai equity landscape with 641 listed companies accounting for over 98% of total market capitalisation. The companies listed on mai are smaller than those on the Main Market, with an average market capitalisation of around USD 20 million - about a quarter of the size of those on the Main Market. The third-tier LiVEx was launched in 2022 to meet the needs of SMEs and startups. By the end of 2024, six companies were listed on LiVEx, with a total market capitalisation of USD 162 million.

Figure 3.3. Listed companies in Thailand, end of 2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, see Annex for details.

3.2.1. Listing requirements

The Main Market has higher admission relative to mai in several areas, for example years of operation (three vs. two years); minimum paid-up capital (THB 100 million vs. THB 50 million), minimum number of shareholders (1 000 vs. 300 shareholders) and net profits (THB 125 million vs. THB 40 million). Other admission criteria, such as the required free float, disclosure requirements and the employment of a financial advisor are the same for both segments (Table 3.2). Revisions, effective 1 January 2025, led to stricter criteria for net profits, shareholders’ equity and the required free float, while the required minimum paid-up capital for the SET market was lowered (SET, 2024[16]).

The post-listing requirements are equal for the Main and mai markets. For staying listed a company has to keep 15% free float and at least 150 shareholders. SET has also implemented a financial requirements that may be grounds for a delisting. These include having an operating income below THB 100 million for three consecutive years, avoiding a negative equity and defaulting on debt repayments (SET, 2024[16]). SEC fees are the same for both segments, but the stock exchange’s fees are lower for the mai market.

Table 3.2. Requirements for listed companies on the Main and mai markets

Admission requirements
	Main Market		mai market
Issuer characteristics	A public limited company permitted by the SEC to conduct public share offerings.
	Three years of operation track record, of which at least one year with the same management as for the IPO.		Two years of operation track record, of which at least one year with the same management as for the IPO.
Capital requirement	Minimum capital of THB 100 million of paid-up capital after the IPO.		Minimum capital of THB 50 million of paid-up capital after the IPO.
Shareholders’ equity	Minimum THB 800 million.		Minimum THB 100 million.
Minimum number of shareholders	At least 1 000 shareholders.		At least 300 shareholders.
Minimum public offering to minority shareholders	If the paid-up capital is: less than THB 300 million: = 30% of total shareholding. between THB 300 million and THB 3 billion: = 25% of total shareholding. over THB 3 billion: = 20% of total shareholding.
Financial requirements	Net profits of THB 125 million over the past 2 or 3 years and a positive accumulated net profit, and minimum net profit of THB 75 million in the most recent year. OR If operating in certain prioritised industries, a market capitalisation test (see Annex).		Net profits of THB 40 million over the past 2 or 3 years and a positive accumulated net profit, and a minimum net profit of THB 25 million in the most recent year. OR If operating in certain prioritised industries, a market capitalisation test (see Annex).
	A stable and healthy financial condition, including sufficient working capital.
Disclosure requirements	Submission at the SEC of an application that includes a prospectus and a registration statement (I-69 Form) that includes the purpose of the offer, the price and type of securities offered, and the nature and financial condition of the business.
	Submission at the SEC of the issuers’ audited annual financial statements and latest quarterly statements.
	Submission at the SET of an application with a checklist of documents that includes: the application form for the application to the SEC, annual and quarterly financial statement and an information memorandum in Thai and English.
Other requirements	Engagement of a financial advisor and an underwriter.
Post-listing requirements SET and mai markets
Periodic (financial)	Annual audited financial statements for each closed financial year must be submitted within two months if fourth quarter statements are not included, or three months if fourth quarter statements are included.
	Quarterly reviewed financial statements must be submitted within45 days.
	Form 56-1 One Report within three months from the end of the fiscal year that includes financial statements, but also information on business sustainability, corporate governance, and environmental and social footprint.
Free float	15% and no less than minority ordinary shareholders 150 shareholders.
Financial requirements	Avoiding having a shareholders’ equity below zero.
	Avoiding an operating income below than THB 100 million per year for three consecutive years.
	Avoiding defaulting on debt repayments to a financial institution or debt instruments.
Ad hoc	An issuer is to report anything that is likely to affect the rights and interests of securities holders.
Fees
	Main Market		mai market
SEC fees		Filing fee: 0.05% of the total value of shares offered.
		Registration statement fee: THB 300 000.
		Annual registration statement filing fee: Shareholders’ equity less than THB 500 million: THB 50 000 THB 500 million < shareholders’ equity ≤ THB 1 000 million: THB 100 000 Shareholders’ equity more than THB 1000 million: THB 300 000.
Stock exchange admission fees		Application fee: THB 50 000.		Application fee: THB 25 000.
		Initial fee: 0.05% of paid-up capital, minimum THB 100 000 and maximum THB 3 million.		Initial fee: 0.025% of paid-up capital, minimum THB 50 000 and maximum THB 1.5 million.
		Annual fee: minimum THB 50 000 and maximum THB 3 million based on the following schedule: Paid up capital ≤ THB 200 million = 0.035% THB 200 million < paid up capital ≤ THB 1 000 million = 0.030% THB 1 000 million < paid up capital ≤ THB 5 000 million = 0.025% THB 5 000 million < paid up capital ≤ THB 10 000 million = 0.020% Paid up capital > THB 10 000 million = 0.010%		Annual fee: 0.02% of paid-up capital, minimum THB 25 000 and maximum THB 1.5 million.

Source: National Assembly of Thailand (1992[3]), Securities and Exchange Act, https://www.sec.or.th/en/documents/actandroyalenactment/act/act-sea1992-amended.pdf; SEC Thailand (2018[17]), No. Tor Jor. 39/2559 Re: Application for Approval and Granting of Approval for Offering of Newly Issued Shares, https://www.sec.or.th/EN/Documents/Share/7079se.pdf; SET (2015[18]), Schedule of Fees for Listing of Ordinary Shares or Preferred Shares as Listed Securities, https://media.set.or.th/rulebook/regulation/ScheduleofFeesforListingofOrdinaryShares_or_PreferredSharesasListe dSecurities.pdf; SET (2025[19]), Market Comparison, https://www.set.or.th/en/listing/equities/listing/market-comparison; SET (2024[16]), Summary of the Revised Rules of the Stock Exchange of Thailand, https://media.set.or.th/rulebook/circular-letter/attachment-file/237.pdf; SET (2015[20]), Listing of Ordinary Shares or Preferred Shares as Listed Securities, https://media.set.or.th/rulebook/regulation/ListingofOrdinaryShares_or_PreferredSharesasListedSecurities.pdf ; SET (2020[21]), Re: Listing of Securities, Disclosure of Information and Delisting of Securities in the “Market for Alternative Investment (mai)”, https://media.set.or.th/rulebook/regulation/ListingofSecurities_DisclosureofInformation_and_DelistingofSecuritiesinthe_MarketforAlternativeInvestment_mai.pdf; SET (2015[22]), Fee Schedule for Listing Securities in the “Market for Alternative Investment (mai)”, https://media.set.or.th/rulebook/regulation/FeeScheduleforListingSecuritiesinthe_MarketforAlternativeInvestment_mai.pdf.

The LiVEx market has more lenient regulation. However, issuers are still required to submit a registration statement and prospectus, but the associated form is less detailed in nature (Table 3.3). There is no need to employ a financial advisor to prepare the admission documents and only one year of financial statements is needed in the publicly accountable entities (PAE) format. LiVEx companies do not pay SEC fees.

Only certain types of firms can list on the LiVEx market, either those defined as SMEs by the Office of Small and Medium Enterprise Promotion or a startup backed by a venture capital or private equity firm. Only institutional investors, shareholders of the issuer, high net worth and ultra-high net worth individuals can invest in LiVEx.

Table 3.3. LiVEx admission and post-listing requirements and fees

Admission requirements
Issuer characteristics	A public limited company permitted by the SEC to conduct public share offerings.
	A small-sized company, as defined by the Office of Small and Medium Enterprise Promotion (OSMEP), or a startup that is funded by a venture capital or private equity fund
Minimum offering	The value of newly issued shares must at least THB 10 million but not exceeding THB 500 million.
Financial requirements	If the issuer is a medium-sized SME as defined by OSMEP and operates a manufacturing business, annual income should be at least THB 100 million, but less than THB 500 million. If the issuer is a service business, annual income should be at least THB 50 million, but less than THB 300 million. See the note for details.
Disclosure requirements	Submission to the SEC of an application that includes a prospectus and a registration statement (69-PO-SME Form) that includes the purpose of the offer, the price and type of securities offered, and the nature and financial condition of the business.
	Submission to the SEC of the issuer’s latest audited financial statements for both the year-end and half-year periods.
Other requirements	Engagement of an underwriter.
	The management of the issuer should have completed a training course for capital market participation approved by the SEC.
Post-listing requirements
Periodic (financial)	Annual and semi-annual audited financial statements must be submitted within three months of the close of each respective financial period.
Ad hoc	An issuer is to report anything that is likely to affect the rights and interests of securities holders.
Fees
Stock exchange admission fees	Application fee: THB 12 500. Fee has been waived for firms submitting applications before 31 December 2025.
	Initial fee: 0.0125% of paid-up capital, minimum THB 5 000 and maximum THB 300 000. Fee has been waived for firms submitting applications before 31 December 2025.
	Annual fee: the first 3 years 0.01% of paid-up capital, minimum THB 5 000 and maximum THB 300 000. After the third year, 0.02% of paid-up capital, minimum THB 25 000 and maximum THB 1.5 million. Fee has been waived for three years for firms submitting applications before 31 December 2025.

Note: Under the Ministerial Regulations on the Designation of Characteristics of Small and Medium-Sized Enterprise B.E. 2562 (2019), a medium-sized enterprise means an enterprise with the following characteristics: (1) an enterprise operating a manufacturing business with more than 50 employees but not more than 200 employees, and with an annual income of more than THB 100 million but not more than THB 500 million; (2) an enterprise operating service, wholesale or retail business with more than 30 employees but not more than 100 employees, and with an annual income of more than THB 50 million but not more than THB 300 million.

Source: National Assembly of Thailand (1992[3]), Securities and Exchange Act, https://www.sec.or.th/en/documents/actandroyalenactment/act/act-sea1992-amended.pdf; SEC (2018[17]), No. Tor Jor. 39/2559 Re: Application for Approval and Granting of Approval for Offering of Newly Issued Shares, https://www.sec.or.th/EN/Documents/Share/7079se.pdf; SET (2025[19]), Market Comparison, https://www.set.or.th/en/listing/equities/listing/mar ket-comparison; SET (2024[16]), Summary of the Revised Rules of the Stock Exchange of Thailand, https://media.set.or.th/rulebook/circular-letter/attachment-file/237.pdf; SET (2022[23]), Rate of Fees for Listing of Ordinary Shares as Listed Securities on “LiVE Exchange”, https://media.set.or.th/rulebook/regulation/ListingofOrdinarySharesasListedSecuritiesonLiVEExchange.pdf; LiVEx (2024[24]), Fee rates related to being a listed security on the LiVEx Exchange, https://www.live-platforms.com/live-exchange/news/194.

Industry composition of listed companies

On the Main Market, consumer cyclicals, industrials and basic materials make up nearly half of the listed companies, while industrial, financial, technology and energy firms dominate market capitalisation. Though technology and energy represent only 6% and 4% of listed firms, each account for about 11% of total market value, whereas basic materials represent 13% of firms but only 4% of market capitalisation.

The mai shows a similar pattern, with consumer cyclicals, industrials and basic materials comprising over half of listings. Industrials account for nearly one-third of total market value, and technology firms; with 7% of listings, make up 14% of capitalisation. Financials contribute only 5% on the mai, far below their 16% share on the Main Market.

Figure 3.4. Industry composition of listed companies in Thailand, end of 2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, see Annex for details.

Across ASEAN markets, consumer cyclicals and industrials dominate. In Thailand, industrials also play a major role, accounting for almost a quarter of total market capitalisation. Technology is the second largest sector in terms of market capitalisation, although relatively smaller than in Asia and globally. Importantly, financials have a strong presence across ASEAN, accounting for 28% of total market capitalisation. In contrast, financials account for around 16% in Thailand, in line with levels observed across Asia and globally.

Figure 3.5. Industry composition of listed companies in Thailand and selected markets, end of 2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, see Annex for details.

3.3. Trends in initial public offerings

Since 2000, a total of 648 companies from Thailand have raised more than USD 50 billion through IPOs. Between 2000 and 2011, the average capital raised annually was USD 1.2 billion from an average of 21 offerings per year. This figure more than doubled between 2012 and 2024, with an average of 31 offerings per year raising USD 2.7 billion annually on average. Between 2019 and 2022 IPO activity was high, with more than USD 4 billion raised each year. Although the number of offerings has remained relatively stable, the total amount raised fell to USD 1.2 billion in 2023 and further to USD 0.8 billion in 2024 (Figure 3.6).

IPOs from the financial sector were relatively limited. Over the entire 2000-2024 period, only 25 financial companies went public, raising a total of USD 6 billion, about 12% of the total capital raised. There was a surge in financial sector IPOs in 2019, 2021 and 2022, with financial companies accounting for more than a quarter of the total proceeds. This surge was largely driven by a few IPOs by large financial institutions.

Figure 3.6. Initial public offerings in Thailand, 2000-2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, FactSet, see Annex for details.

The total capital raised through IPOs in Thailand between 2000 and 2024 amounts to 0.4% of the country’s GDP, lower than Singapore (0.5%), Malaysia (0.7%) and Viet Nam (0.9%) (Figure 3.7). Nevertheless, Thailand’s figure is broadly in line with Asia and ASEAN levels. Between 2017 and 2024, Thai companies raised USD 28 billion through IPOs, significantly higher than the amounts raised by other ASEAN countries.

Figure 3.7. Initial public offerings in Thailand and selected markets, 2000-2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, FactSet, see Annex for details; IMF.

IPO size in the ASEAN region between 2000 and 2024 was significantly lower than in Asia and globally. The median IPO size in ASEAN countries was USD 12 million, which is below the global median of USD 30 million, and USD 31 million in Asia (Figure 3.7). This reflects an active IPO market for growth companies in the region. Almost all ASEAN countries have established second-tier markets targeting smaller and growth companies. In Thailand, the median IPO size is USD 16 million, higher than in Singapore (USD 12 million) and Malaysia (USD 8 million).

In Thailand, the consumer non-cyclicals and industrials were the two dominant industries in IPOs between 2000 and 2024. Together, they accounted for over 40% of the total capital raised (Figure 3.8, Panel B). At the ASEAN level, these two industries also rank at the top. Notably, in Thailand, energy contributed 18% of total IPO proceeds, well above the ASEAN average of 10%. Importantly, across ASEAN countries, financial companies accounted for only 12% of total IPO proceeds, considerably lower than the global number of 20%. In Thailand, financials represented 12% of total IPO proceeds (Panel A).

Figure 3.8. Industry distribution of IPOs in Thailand and selected markets, 2000-2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, FactSet, see Annex for details.

3.4. Trends in secondary public offerings

Since 2000, Thai companies have raised approximately USD 110 billion through secondary public offerings (SPOs), with almost three-quarters of this total being raised during the period 2010-2024 (Figure 3.9). Following the outbreak of the Covid-19 pandemic, non-financial companies increasingly turned to the capital markets to support their operations and cash flows. Consequently, 2021 saw a record high in SPO proceeds. Despite significant fluctuations in total proceeds, the number of SPOs has remained relatively stable at around 50 per year between 2000 and 2024. Even during the recent slowdown from 2022 to 2024, when average annual proceeds fell below USD 2 billion, the number of offerings remained close to this level. This reflects a decrease in deal size rather than a decline in issuance activity.

Non-financial companies have consistently dominated the SPO landscape, accounting for the majority of total proceeds. In contrast, financial companies have contributed only a small portion, with several years of notable absence from the market.

In 2017-2024, Thai companies led the ASEAN region in SPO proceeds, raising over USD 40 billion (Figure 3.10). However, when considering the entire 2000-2024 period, Thailand trails behind both Malaysia and Singapore in total SPO proceeds as a share of GDP and in the number of SPOs. Over that period, Thailand recorded a total of 1 208 SPOs, compared to 1 879 in Singapore and 2 455 in Malaysia.

Figure 3.9. Secondary public offerings in Thailand, 2000-2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, FactSet, see Annex for details.

Figure 3.10. Secondary public offerings in Thailand and selected markets, 2000-2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, FactSet, see Annex for details.

Financial companies in Thailand accounted for just 19% of SPO proceeds, which is slightly below both the global and ASEAN levels (Panel A, Figure 3.11). This is lower than the ASEAN number, and substantially below that of peer economies such as Malaysia, where financial institutions contributed 23% of SPO proceeds during the same period.

Among non-financial issuers, consumer cyclicals, industrials and technology are the most prominent industries raising capital through SPOs. Over the full period, consumer cyclicals accounted for nearly one-third of total proceeds, followed by industrials and technology with 20% and 14% respectively (Panel B). Basic materials and energy contributed 12% and 9% respectively, broadly in line with the ASEAN figures. In contrast, industries such as utilities, consumer non-cyclicals and healthcare played a limited role in the amount of capital raised via secondary offerings. Technology companies in Thailand account for only 14% of SPO proceeds, below the global (19%) and ASEAN (18%) levels.

Figure 3.11. Industry distribution of SPOs in Thailand and selected markets, 2000-2024

Source: OECD Capital Market Series dataset, LSEG, Bloomberg, FactSet, see Annex for details.

3.5. Investors and ownership structure of Thai listed companies

The ownership structure of listed companies in Thailand resembles that of ASEAN peers but also displays important differences. Investors were classified into the following categories: corporations, public sector, strategic individuals, institutional investors and other free-float (following (De La Cruz, Medina and Tang, 2019[25])).

Figure 3.12. Ownership of publicly listed companies, end of 2024

Note: Strategic individuals are those who are required to disclose their shareholdings in the company, typically individuals holding large number of shares, the CEO, board members, founders, members of the founder family among others. They are not to be confused with retail investors.

Source: OECD Capital Market Series dataset, FactSet, LSEG, Bloomberg; see Annex for details.

In Thailand, corporations are the largest shareholders and own 28% of the listed equity (Figure 3.12). While this is comparable to levels in other ASEAN economies, it is three times the global figure, and substantially higher than in Asia. The public sector, the largest investor group in Asia, holds a relatively modest share of 15% in Thailand. Strategic individuals own 17% of the total market capitalisation, the second highest share among the peer countries and well above the regional (11%) and global (7%) figures. This high share owes to the prevalence of family-owned businesses in Thailand. Institutional investors have a low presence in Thailand, with 11% of the total equity, similar to the level in ASEAN but markedly lower than in Asia (18%) and globally (47%).

Over half of the listed equity in Thailand is held by domestic investors, in line with the regional and global figures (Figure 3.13, Panel A). Foreign investors own 20% of the Thai market capitalisation, slightly above their share in Asia (18%). Among its peers, Thailand ranks third in terms of foreign ownership, after Singapore and Indonesia. More than half of foreign equity investments are held by corporations (12%), followed by institutional investors (6%) (Panel B).

These figures, however, do not capture foreign investor ownership through non-voting depository receipts (NVDRs). Introduced in 2001, NVDRs were established as an alternative investment tool for foreign investors to participate in the Thai public equity market without breaching foreign ownership limits. NVDR holders are entitled to all financial benefits of equity ownership, including dividends, rights, capital and capital gains, without the voting powers attached (SET, 2025[26]). Since NVDRs are not fully captured in the analysis, the actual level of foreign participation in Thailand’s equity market is likely higher than the reported figures suggest.

Figure 3.13. Foreign and domestic ownership of listed companies, end of 2024

Note: The category “other free-float” in Panel A represents shares in the hands of investors that are not required to disclose their holdings.

Source: OECD Capital Market Series dataset, FactSet, LSEG, Bloomberg; see Annex for details.

As of 2025, 65% of companies listed on the SET and 44% on the mai have issued underlying securities that are available for trading as NVDRs. These NVDRs represent 28% of the total market value on the SET, and a relatively modest 6% on the mai (Figure 3.14). NVDRs represent approximately 30% of the total trading value on the SET. The share of NVDRs is higher in foreign transactions, accounting for around half of their total trading value on the SET and more than 60% on the mai.

Figure 3.14. NVDRs in Thai public equity market

Source: SET (2025[27]), NVDR, https://www.set.or.th/en/market/statistics/nvdr/main.

Ownership of listed companies in Thailand is not as concentrated as in other ASEAN markets. In Thailand, less than 20% of listed companies have a major shareholder who owns more than 50% of the equity (Figure 3.15, Panel A). Nevertheless, many listed companies are family-owned businesses where the founding members and their relatives retain significant control. According to a survey conducted by SET, in 2022, 57% of listed Thai companies were family-owned businesses in which a single family owned more than 20% of listed shares and held management control (SET, 2023[28]). In 2024, strategic individuals, including founders and their relatives, were the largest shareholders in 51% of Thai listed companies, on average holding 26% of the equity (Panel B). Ownership concentration is even more pronounced when the largest shareholder is a corporation. In 45% of listed companies, a corporation is the largest shareholder, with an average ownership of 40%.

Moreover, ownership concentration may be underestimated due to the existence of NVDRs. It has been documented that major shareholders use offshore companies to split their holdings using NVDRs. These arrangements are often used to optimise tax obligations and comply with certain regulatory requirements (Wangwan and Leemakdej, 2023[29]).

Figure 3.15. Ownership concentration, end of 2024

Note: In panel B, the share of companies is computed as the ratio of the companies whose largest shareholder belongs to a given investor category over the total number of companies for which information is available; the ownership is calculated as the average percentage of shares outstanding owned by each investor category when the largest shareholder in the company belongs to that investor category.

Source: OECD Capital Market Series dataset, FactSet, LSEG, Bloomberg; see Annex for details.

The ownership structure also differs between companies listed on the Main Market and mai. For companies listed on the Main Market, the ownership structure is more evenly distributed among different investor categories. Companies listed on the mai are predominantly owned by strategic individuals who own 53% of the total equity (Figure 3.16). Given the smaller size and early-stage nature of companies listed on mai, institutional investors and the public sector have a negligible presence in this segment. This reflects the significant presence of family-owned businesses listed on the mai.

Figure 3.16. Owners of companies listed on the Main Market and mai in Thailand, end of 2024

Note: “Other free-float” represents shares in the hands of investors that are not required to disclose their holdings.

Source: OECD Capital Market Series dataset; FactSet, LSEG, Bloomberg; see Annex for details.

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