The Stock Exchange of Thailand (SET) expects more companies will float shares on the Thai bourse this year than in 2023 as investment sentiment has improved.
Manpong Senanarong, senior executive vice-president and head of the issuer and listing division, said the SET anticipates more initial public offerings (IPOs) in 2024 than the previous year because market sentiment is better.
Some 43 companies have applied for IPOs on Thai bourses, comprising 20 planning to list on the SET, 20 for the Market for Alternative Investment, and three aiming to raise funds from the startup LiVE Platform.
Mr Manpong declined to predict the total value of stock fundraising at this stage, but said the average IPO total raised annually is about US$4 billion.
Last year, the value dropped by 30% from 2022, as several companies postponed their listing amid unfavourable market conditions.
SET data indicated IPO issues amounted to 38.3 billion baht (about $1.1 billion), the seventh-highest in Asia, with 12 companies dubbed in the "new economy".
SET president Pakorn Peetathawatchai said given challenges the bourse faces, particularly in the area of supervision, the SET kicked off measures to ensure market integrity and increase confidence in the capital market.
In collaboration with the Securities and Exchange Commission and relevant agencies, the supervision of listed companies has been enhanced, from their listing dates through delisting, said Mr Pakorn.
"The SET aims to bolster the Thai capital market's competitiveness and attractiveness as a fundraising and investment destination, delivering new opportunities to market participants and driving the national sustainable development agenda," he said.
The SET, which marks 50 years of operation this year, unveiled yesterday its three-year strategic plan to drive the Thai capital market towards sustainable growth.
The bourse wants to harness artificial intelligence technology for fraud prevention, protecting investors and monitoring the quality of listed companies.
To improve competitiveness, potential businesses will be encouraged to go public with domestic and overseas roadshows to attract investors.
The SET also plans introduce products that meet investors' requirements and ensure infrastructure meets international standards, delivering market participants a platform for business expansion, said Mr Pakorn.
Under the strategic plan, the bourse outlined three strategies. The first is strengthening trust by improving quality and prevention tools to protect and immunise investors.
The second prong is increasing competitiveness on both the supply and demand sides, partly by bolstering the capital market infrastructure.
Finally, the bourse wants to enhance its capability regarding environmental, social and governance factors, aiming to become a net zero organisation by 2050.
The SET had the highest liquidity among Southeast Asian exchanges last year, a position it has held since 2012.
Last year, daily trading value averaged 53.3 billion baht.