Over the past 2024, the Initial Public Offering (IPO) in the Thai stock market has been what one could call “tiring” due to the number of offerings and market fluctuation.
For the entire year, there were 32 IPOs from listed companies either the Stock Exchange of Thailand (SET) or the main securities market (mai).
Of 32 companies, 14 were listed in SET Index with a total market value of THB 94,790.82 million (at the IPO prices), though the market value jumped up to THB 102,952.67 million during the first trading day. 10 of the companies were able to weather the storm trading in the Thai stock market and stand above IPO prices. Meanwhile, 4 companies saw disappointment during the first trading day, closing at lower than offering prices.
In mai, there are 18 IPOs, combined into a total market value of THB 18,015.60 million with a price hiked up to THB 19,845.21 million during the first trading day. Stocks from 11 companies were able to stand above IPO prices, while stocks from 7 companies saw a price dip below offering prices.
Top 5 new IPOs that have made a spectacular profit for their investors on the first trading day:
- Bangkok Genomics Innovation PCL (SET: BKGI), which conducts business in medical operation rooms and medical examination services, saw its price surge 167.74% closing at THB 4.40 during the first trading day from the IPO price of THB 1.63.
- Pluk Phak Praw Rak Mae PCL (SET: OKJ), which operates a food, beverage, and health product business, saw its price surge 85.07% closing at THB 12.40 during the first trading day from the IPO price of THB 1.63.
- Advice IT Infinite PCL (SET: ADVICE), which has business concerning retail-wholesale of IT products including D.I.Y computer parts, notebooks, desktop computers, other accessories, smartphones, and household electronics, through both branch store and online storefront, with all-in-one customer services, profiting 62.04% to its investors during the first trading day with stock prices closing at THB 5.25 from THB 3.24 of the IPO price.
- Medeze Group PCL (SET: MEDEZE), which conducts business analyzing, separating, cultivating, and depositing stem cells, while also diagnosing immune cells capability, saw its share price climb 24.44% closing at THB 11.20 from an IPO price of THB 9.
- Chaosua Foods Industry PCL (SET: CHAO), which operates sales of snacks and processed meat products, profiting 20.34% and closing at THB 14.20 from the IPO price of THB 11.80.
5 IPO champions in mai are as follows:
- Light Up Total Solution PCL (mai: LTS), a seller and installer of electronic equipment including light products, saw profit skyrocketing 201.67% to THB 9.05 from THB 3 of the IPO price.
- Asian Palm Oil PCL (mai: APO), which extracts raw palm oil and sells processed palm oil and its byproducts, including generating electricity from biogas for the Provincial Electricity Authority, saw its profit soar 114.14%, closing at THB 2.13 from the THB 0.99 of the IPO price.
- SEI Medical PCL (mai: SEI), operating retail sales of medical equipment, medical supplies, and scientific equipment, saw its first-day stock price hike of 103.23%, closing at THB 6.30 from the IPO price of THB 3.16.
- Terabyte Plus PCL (mai: TERA), a retailer of IT equipment and all-in-one IT infrastructure services, saw its profit climb 60% to THB 2.80 from THB 1.75 IPO price.
- BPS Technology PCL (mai: BPS), conducts business in the distribution of electrical connectivity equipment, other related technological products, and solar cell products. Solutions provider of solar rooftop, main distribution board, fiber optic network, facilitating gadgets for residence, churning out 36.67% profit and closing at THB 1.23 during the first day from the IPO price of THB 0.90.
New stocks that did not have a strong foundation, were priced way too expensive for an IPO, or belonged in business sectors that investors were not interested in, but were rushing to get listed in the Thai stock market. When combined with an investment downturn in the Thai stock market, resulted in half the new registered companies’ stock prices being pushed down even further.
The Thai stock market had seen a tiring IPO market in 2023, but 2024 could be called a “very tiring” year.
