The Stock Exchange of Thailand - Products & Services

The differentiation of the listing-criteria consideration depended on the home country which is classified as recognized or unrecognized country by the SEC.

Summary of SET’s secondary listing requirements:

Summary of listing requirements	Recognized country (Mainly complying with home exchange rules)	Unrecognized country (Mainly complying with SET rules together with some additional requirements)
Listing	Allowed to list only on SET
Quantitative criteria
Performance Paid-up capital Equity Net profit	≥ THB 300 million ≥ THB 300 million Combined net profit of latest 2-3 years ≥ THB 50 million and latest year THB ≥ 30 million and current year > THB 0
Financial Adviser	To maintain 1 year after listing	To maintain 3 years after listing
Qualitative criteria
Qualitative criteria	To comply with home exchange regulations	To comply with Thai rules, including additional continuing listing obligations
Regulatory mapping	To provide regulatory mapping which compares corporate laws and regulations of Thai and jurisdiction of its incorporation, especially the corporate management and significant aspects of the shareholders’ protection
Public offering and free float	No less than 1,000 shareholders Percentage of free float requirement No less than 25% of paid-up capital (THB 300 million ≤ paid-up capital ≤ THB 3,000 million) No less than 20% of paid-up capital (paid-up capital ≥ THB 3,000 million) (or) Market Cap ≥ THB 300 million or ≥ 5% of paid up capital (whichever is lower)
Silent period	To comply with home exchange	3 years after listing (permitted to sell a maximum of 20% only of the locked-up shares after one year of listing)
Disclosure
Filing	To comply with home exchange	To comply with Thai rules
	To include additional concerns and risk factors
Disclosed time	To disclose no later than that in home country
Intermediaries	FA: compulsory Underwriter: Must appoint an underwriter approved by the SEC
Post-listing disclosure	To comply with home exchange requirements To include some additional requirements	To comply with Thai rules and home exchange
Other criteria
Contact person	Located in Thailand and authorized to act on issuer’s behalf
Registrar	Must appoint registrar in Thailand
Language	English (minimum)
Accounting standard	Thai GAAP or International Financial Reporting Standards (IFRS) or Other standard which is accepted by home exchange or regulator with reconciled IFRS or Other standards accepted by the SEC
Auditor	Auditors who are on the approval list of the SEC, endorsed together with the local auditor. Both of them must be full members of the same group. Foreign auditors recognized by the SEC: Regulated by the audit regulator who is a member of International Forum of Independent Audit Regulators (IFIAR) or recognized by European Commission (EC) or qualified as a minimum of “broadly implemented” by Financial Sector Assessment (FSAP) The office of the foreign auditors must have the reliable control system according to International Standard on Quality Control (ISQCI1) specified by International Federation of Accountants (IFAC) and must have auditors of at least 5 persons possessingbachelor’s degree at the minimum.

Reference :

Related Info.

SET and mai IPO and Listing Guide
(Thai version)

A Guide to Secondary Listing