Listing Information
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Thai Company |
Foreign Company | |||||||||||
Primary Listing | ||||||||||||
Secondary Listing | ||||||||||||
Operating Company (SET)
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General listing criteria
A company applying to list on SET must have the following qualifications:
1.1 Qualifications
- specifying the name of the bearer
- are not subject to restrictions on the transfer of ordinary shares, unless these restrictions are in accordance with the law and in the articles of association of the company
1.2 Qualifications for the applicant
Qualifications |
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Profits Test |
Market Capitalization Test /1 |
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Status of the applicant |
Must be a public limited company or corporation established under special law. |
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Paid-up capital |
> THB 300 million | |
Financial condition and liquidity |
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Track record |
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Market Capitalization > THB 7.5 billion and have Earnings before interest and tax (EBIT) > 0 both the latest full year and the accumulated quarterly results from that year |
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Par Value |
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Distribution of minority shareholders (after public offering) |
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No. of minor shareholders/ |
> 1,000 shareholders |
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“Strategic shareholders” refers to
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Public offering |
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Approval |
Must have been granted approval by the SEC (except for a company established under a special law). |
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Number of shares cumulatively offered for sale:
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> 15% of paid-up capital |
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Public offering procedure |
Offered through an underwriter |
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Financial condition and liquidity |
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Management |
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Management and control personnel |
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Corporate governance and internal control |
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Conflicts of interest |
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Applicant's articles of association |
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Financial statements and |
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Provident fund |
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Registrar |
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Definition: /1 Market Capitalization Calculation
- IPO price : the candidate applies for listing within 1 year from the last date of its IPO.
- Fair price determined by financial advisor : the candidate applies for listing more than 1 year from the last date of its IPO.
Silent period
The silent period extends for one year after listing. Those who meet the criteria for strategic shareholders* are not allowed to sell their shares totaling 55% or more of paid-up capital after the IPO. They are permitted to sell a maximum of 25% only of the locked-up shares after six months.