Monday June 9 2025
News Source: Global Exchanges
Focus: Listing Rules
Type: General
Country: Thailand
On June 5th, 2025, the Stock Exchange of Thailand (SET) proposed a market consultation on the revision of new listing rules, distribution of minority shareholders (free float), and initial public offering (IPO). The following are revisions to the Free Float and IPO criteria for New Listing companies:
- Eliminate the grace period provision for free float distribution for large companies in order to reduce discretionary judgment.
- Revise the free float percentage for large companies from 20% to 17% to encourage listing.
- Revise the tier structure for Free Float and IPO proportion criteria from the current classification based on paid-up capital to one based on market capitalization to better reflect the actual value of the business.
3.1. Free Float Criteria: Revise the tier structure and establish a minimum acceptable number of free float shares, based on historical data from New Listing companies. The proposed revisions are summarized as follows:
| Market Capitalization(million THB) | Free Float Percentage | Minimum Free Float |
| <1,500 | 30% | + 30 million shares |
| 1,500 < 15,000 | 25% | |
| 15,000 < 50,000 | 20% | |
| >50,000 | 17% |
3.2. IPO Proportion Criteria: Revise the tier structure and establish a minimum acceptable number of IPO shares, based on historical data from New Listing companies, similar to the free float criteria. The proposed revisions are summarized as follows
| Market Capitalization(million THB) | IPO Percentage | Minimum IPO |
| <1,500 | 20% | + 20 million shares |
| 1,500 < 5,000 | 15% | |
| >5,000 | 10% |
The aforementioned proposal indicates that the majority of companies seeking listing will maintain the same free float and IPO percentage on the listing date as under the current criteria (no tier change).
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