BOI to IPO Unites Three Agencies to Propel Quality Companies to List on Thai Stock Market by Late 2027

As is well known, in the U.S. stock market, the stocks that have generated explosive growth and attracted global investment are major technology companies, especially those called the "7 Angels" or “The Magnificent Seven”.

Conversely, many Thai investors have expressed a common view that recent IPOs entering the Thai stock market mostly belong to traditional economic sectors lacking appeal, with no technology or future-oriented businesses filling the market.

This situation has led to a historic collaboration in the BOI to IPO project, marking a crucial start to solving this major issue by combining the strengths of three key agencies: the Board of Investment (BOI), the Securities and Exchange Commission (SEC), and the Stock Exchange of Thailand (SET).

The collaboration aims to unlock conditions to bring New Economy or "quality" companies investing in Thailand onto the stock exchange, allowing Thai investors to choose and grow alongside new-age industries.

Planting the seeds of the New Economy deeply with the BOI to IPO strategy.

Dr. Akniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, as BOI board chairman, reflected that just as the U.S. market has the "7 Angels" or "8 Angels" driving growth, Thailand must urgently develop and find its own angels in the Thai stock market.

Previously, BOI has acted like a sower of "new seeds" through investment promotion funds exceeding 1.4 trillion baht last year, which translated into actual investments of over 530 billion baht in the first half of 2026.

However, for these seeds to grow and take deep root sustainably in Thailand’s economic structure, the capital market mechanism must play a key role.

The BOI to IPO project is therefore designed to attract New Economy companies across the industry spectrum—from upstream to midstream to downstream—including chip PCB, AI supply chain, electric vehicles (EV), robotics and automation, biotechnology, and digital sectors—to list on the Thai stock market.

A special track offers additional benefits such as a 3-year corporate income tax exemption or a 50% tax reduction for 5 years for New Economy groups, alongside adjustments to SEC and SET listing criteria.

This is intended to incentivize leading companies to fundraise in Thailand, giving Thai investors the opportunity to hold shares and share profits from New Economy growth together.

“Today, we talk about the 7 Angels or 8 Angels in America. How can we bring angels or deities to Thailand? This is the BOI to IPO project,” Dr. Akniti said.

Adjusting criteria, streamlining procedures, and emphasizing quality to accelerate IPOs.

Pornnong Bussarakamwadee, Secretary-General of the SEC, emphasized a proactive role in building the capital market ecosystem. Regarding procedures, the SEC has streamlined IPO application reviews, reducing consideration times to 60-100 days from the previous average of 147 days, by discussing key issues with companies and financial advisors (FAs) before filing, currently piloted via a Sandbox project.

Meanwhile, the SEC has shifted to a disclosure-based policy focusing on full information transparency to protect investors, approving special criteria for BOI to IPO New Economy industries, such as:

• reducing the minimum market capitalization for IPO from 7.5 billion baht to just 3 billion baht.
• Lowering the required operating track record period to just 1 year (down from the usual 2 years).
• Reducing the minimum core revenue proportion from target industries to 30% based on the first year's performance.

The SEC prioritizes attracting "quality" companies over quantity, enabling sustainable fundraising and growth in the capital market.

Pursuing 4 Big Wins, with clear results by late 2027.

Assadech Kongsiri, Director and Managing Director of the Stock Exchange of Thailand, stated that this 5-year collaborative project will create "4 Big Wins" for the country:

• 1. A win for businesses in accessing growth capital.
• 2. A win for investors gaining access to New Economy growth opportunities.
• 3. A win for the Thai capital market through a snowball effect, increasing vibrancy and generating new products.
• 4. A win for the Thai economy driven by investment, generating jobs, income, and boosting GDP to sustainably reduce household debt ratios.

To ensure concrete implementation, the three agencies have formed a joint Task Force to meet, select, and negotiate directly with target companies, currently engaging about 10 firms for discussions.

Simultaneously, SET offers fee exemptions or reductions and receives support from the CMDF fund to subsidize IPO-related expenses.

While company decision-making and preparation take time, the SET managing director has set and clearly confirmed the goal that by late 2027, Thai investors will see the first New Economy companies from the BOI to IPO project listed and trading on the Thai stock market.

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