2023 was a cruel year for the new listed companies that made their debut through Initial Public Offering (IPO) in the Thai stock exchange, which added over THB 173 million in market cap to the market. However, most stocks did not have a good day on its first trading day as the price dropped below offering value.
There were a total number of 40 new IPO stocks, listed in the Stock Exchange of Thailand (SET) Index and the Market for Alternative Investment (mai) Index with 20 new companies in each index.
The IPOs that were listed into the SET Index had a total market value of THB 125,629.58 million. There were only 6 stocks that were able to close higher on the first trading day than their IPO price, while 14 stocks closed lower.
The companies that were listed into the mai Index had the total market value of THB 48,008.745 million. There were 14 stocks that were able to close higher on the first trading day than their IPO price, while there were 6 stocks that finished lower.
Top 5 IPO stocks that were listed on SET index and did not succeed on the first trading day were as follows:
- Window Asia Public Company Limited (SET: WINDOW), manufacturer and distributor of aluminum and uPVC doors and windows. The company had UOBKayHian Securities as the financial advisor. It was listed on SET Index on 23 October 2023 with a 39.52% drop in share price on the first trading day from its IPO price.
- Bangkok Lab and Cosmetic Public Company Limited (SET: BLC), Manufacturer and deliverer of generic drugs, herbal drugs, animal drugs, cosmetics, food supplements, and others. The company had KGI Securities as the financial advisor. It was listed on SET Index on 21 June 2023 with a 31.43% drop in share price on the first trading day from its IPO price.
- Ornsirin Holding Public Company Limited (SET: ORN), a Holding Company which invests in residential real estate for sale, encompassing both horizontal property development projects and vertical property development projects. The company had Asset Pro Management Company Limited as the financial advisor. It was listed on SET Index on 30 October 2023 with a 26.85% drop in share price on the first trading day from its IPO price.
- Euroasia Total Logistics Public Company Limited (SET: ETL), a holding company, holding shares of other companies that mainly operate in the business of Cross-Border Transportation Carrier between Thailand and other Southeast Asian countries, Hong Kong, and China, with road and rail connections. The company had Jay Capital Advisory Limited as the financial advisor. It was listed on SET Index on 1 November 2023 with a 22.63% drop in share price on the first trading day from its IPO price.
- Patrangsit Healthcare Group Public Company Limited (SET: PHG), provider of medical services under 3 hospitals consists of Patrangsit hospital, PRH2: Patrangsit hospital 2 and Mother and Child Patrangsit Hospital. The company had Pioneer Advisory Company Limited as the financial advisor. It was listed on SET Index on 6 July 2023 with a 22.38% drop in share price on the first trading day from its IPO price.
Meanwhile, top 5 IPO stocks that were listed on mai index and closed lower than their IPO prices were as follows:
- Market Connections Asia Public Company Limited (mai: MCA), a specialist in marketing strategic planning and provider of comprehensive marketing activities. The company had Capital One Partners Company Limited as the financial advisor. It was listed on mai Index on 26 October 2023 with a 38.18% drop in share price on the first trading day from its IPO price.
- Thai Parcels Public Company Limited (mai: TPL), logistics service provider, delivering goods or packages and cash on delivery service for both business and general public in Thailand. The company had Finnex Advisory Company Limited as the financial advisor. It was listed on mai Index on 30 June 2023 with a 32.75% drop in share price on the first trading day from its IPO price.
- Sirisoft Public Company Limited (mai: SRS), consultant and developing information technology for organizations. The company had Pioneer Advisory Company Limited as the financial advisor. It was listed on mai Index on 10 October 2023 with a 22.50% drop in share price on the first trading day from its IPO price.
- Pilatus Marine Public Company Limited (mai: PLT), a LPG marine-and-motor transportation business. The company had Sage Capital Company Limited as the financial advisor. It was listed on mai Index on 27 April 2023 with a 18.71% drop in share price on the first trading day from its IPO price.
- S.C.L. Motor Part Public Company Limited (mai: SCL), an auto parts distribution business. The company had Finansia Syrus Securities as the financial advisor. It was listed on mai Index on 1 November 2023 with a 11.04% drop in share price on the first trading day from its IPO price.
