IPOs can kickstart Thailand’s startup scene

Grab and Bukalapak are tipped to start an IPO wave in Southeast Asia, but the shoe is on the other foot in Thailand. It’s the region’s strongest public market—having raised US$2.9 billion in the first half of 2021 alone—but startups still haven’t seen any action

The Stock Exchange of Thailand (SET) has lowered barriers to attract listings from digital businesses

At least two digital businesses are undergoing IPOs, with the first expected to list next year

But Thailand is struggling to build an ecosystem for startups despite more investment capital than ever

It may sound counter-intuitive, but building a solid route for exits can set a pathway for more startup creation in Thailand

If you had to think about IPOs in Southeast Asia, the first names that would come to mind are super apps Grab and GoTo, headquartered in Singapore and Indonesia, respectively, and Indonesian e-commerce unicorn Bukalapak. Those two countries are where most of the action is. Or at least that’s how it appears.

But the undoubted IPO star is less obvious. Get this: IPOs on the Stock Exchange of Thailand (SET) raised nearly US$4.4 billion last year, including a record 71 billion THB (US$2.3 billion) float from Central Retail Corporation, a division of retail conglomerate Central, in February 2020.

AUTHOR

Jon Russell

Jon Russell is Southeast Asia editor for The Ken based in Bangkok. Originally from the UK, Jon moved to Thailand in 2008. He’s passionate about telling thoughtful business stories, and tracking the impact of the internet in his adopted home of Southeast Asia.

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