Prior to the current global circumstances with fluctuations and uncertainties, the IPO market in the U.S. was on the verge of a rebound after years of underperformance. Several promising companies were preparing for public offerings. Matt Kennedy, a senior strategist at Renaissance Capital, noted that all indicators suggested that 2025 would mark the return of IPO activity.
However, the anticipated surge in IPOs has abruptly faltered due to a significant stock market decline triggered by U.S. President Donald Trump’s tariff policies. Analysts at Renaissance now predict that there may be as few as 150 IPOs this year, potentially marking 2025 as the fourth consecutive year of declining IPO activity.
The persistent downturn in IPO activity is prompting bankers, venture capitalists, and investors to question whether a lasting transformation is occurring.
Many companies are choosing to remain private longer because of ample capital availability in the private market, allowing them to avoid the complexities and responsibilities of being publicly traded, according to Craig Coben, a former Bank of America Merrill Lynch executive.
While high-profile firms can afford to delay going public, smaller startups face difficulties in launching successful IPOs. Jeremy Abelson of Irving Investors notes that only a few firms manage successful public debuts, as many encounter obstacles in establishing themselves in the market.
Economic uncertainty, particularly under the Trump administration, further hinders IPO activity. The volatile market environment makes it challenging for companies to go public, as accurately projecting future growth becomes difficult amid changing trade war conditions. This results in companies having less room to meet investor expectations, increasing the likelihood of missing performance targets.
Likewise, these challenging conditions are mirrored in the Thai stock market, where only three IPOs have been listed in the mai index since the beginning of 2025, marking a notably low volume not seen in years. The details of the stocks are as follows:
LTMH Public Company Limited (mai: LTMH) debuted on April 2, 2025, at THB 5.00 per share, rising 1% to THB 5.05 on its first trading day. By the session’s close on April 11, 2025, it slumped to THB 4.78, with a trading volume of THB 11.54 million.
Mother Marketing Public Company Limited (mai: MOTHER) entered the market on February 11, 2025, starting at THB 1.40 per share. It saw a 15% increase to THB 1.61 by the end of its first trading day. However, by April 11, 2025, the stock had declined to THB 0.67 per share, with a trading volume of THB 1.05 million.
Pro Inside Public Company Limited (mai: PIS) began trading on January 20, 2025, at THB 3.00 per share. It initially surged 20% to THB 3.60. By April 11, 2025, the stock was at THB 4.08 per share, with a trading volume of THB 5.16 million.
Furthermore, as of April 10, 2025, Bangkok Asset Intergroup Public Company Limited (mai: BKA) is the sole company with an effective filing status poised to enter the mai market as the next IPO. The initial share price is established at THB 1.80, although the first trading date has not been announced yet.
With ongoing global uncertainties driven by trade conflicts and geopolitical tensions, the IPO slowdown may continue indefinitely, with no clear end in sight.
