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.