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SET, mai and LiVE Exchange Listing Requirements
Listing prerequisites and ongoing disclosure obligations on the Stock Exchange of Thailand, the Market for Alternative Investment (mai), and the LiVE Exchange for startups.
Overview
Public-equity capital in Thailand is raised through three boards operated by the Stock Exchange of Thailand (SET / ตลาดหลักทรัพย์แห่งประเทศไทย): the main SET board for large-cap companies, the Market for Alternative Investment (mai / ตลาดหลักทรัพย์ เอ็ม เอ ไอ) for small and medium-sized companies, and the LiVE Exchange (LiVEx) for high-growth startups and SMEs. All three are regulated under the Securities and Exchange Act B.E. 2535 (1992) and Securities and Exchange Commission (SEC / สำนักงานคณะกรรมการกำกับหลักทรัพย์และตลาดหลักทรัพย์) regulations. Listing criteria differ by board, but all listings require a financial advisor, SEC-approved prospectus, free-float thresholds, and ongoing periodic and ad hoc disclosure.
Key Points:
- Legal basis: Securities and Exchange Act B.E. 2535 (1992) — พระราชบัญญัติหลักทรัพย์และตลาดหลักทรัพย์ พ.ศ. 2535 — and SEC notifications
- SET main board: paid-up capital at least THB 300 million; net profit positive for last 2-3 years with cumulative THB 50 million; free float at least 25% (or 20% for very large issuers) held by at least 1,000 minority shareholders
- mai: paid-up capital at least THB 50 million; net profit in the latest year of at least THB 10 million; free float at least 25% held by at least 300 minority shareholders
- LiVE Exchange: targeted at startups and SMEs; lighter financial track record; minimum paid-up capital THB 25 million (high-growth path) or THB 10 million (early-stage); reduced free-float and shareholder thresholds
- All listings require SEC-approved prospectus, audit by SEC-approved auditor, and SEC-licensed financial advisor
- Foreign-shareholding cap by sector continues to apply post-listing (e.g., banking and telecoms)
SET Main Board
The SET main board is for large, established Thai issuers. Listing is rigorous and ongoing disclosure obligations are demanding.
- Paid-up capital at least THB 300 million after IPO
- Net profit positive in the latest 2 (or 3) consecutive years; cumulative net profit at least THB 50 million over the qualifying period
- Free float at least 25% (or 20% for issuers with paid-up capital above certain thresholds) held by ≥ 1,000 minority shareholders
- At least 3 years of operating history under current management
- Audited by an SEC-approved auditor; financial statements prepared under Thai Financial Reporting Standards (TFRS) aligned with IFRS
- Independent directors at least one-third of board; audit committee of at least 3 independent directors
Market for Alternative Investment (mai)
The mai board is for small-to-medium issuers not yet large enough for the SET main board.
- Paid-up capital at least THB 50 million after IPO
- Net profit in latest year at least THB 10 million
- Free float at least 25% held by ≥ 300 minority shareholders
- Operating history at least 2 years under current management
- Same governance requirements (independent directors, audit committee) as SET
- Lower listing and annual fees than SET
LiVE Exchange (LiVEx)
Launched in 2021 and expanded in 2024-2025, LiVEx provides a regulated path for startups and high-growth SMEs that cannot yet meet mai criteria. Investors on LiVEx are limited (qualified investors only).
- Two tracks: 'High-Growth' (paid-up capital ≥ THB 25 million) and 'Early-Stage' (paid-up capital ≥ THB 10 million)
- Net-profit / revenue tests are relaxed compared to mai; emphasis on business model and growth potential
- Initial investors limited to institutional / high-net-worth qualified investors
- Lighter disclosure regime but still subject to SEC core anti-fraud provisions
- Designed as a stepping stone to mai or SET main board
Relevance for Foreign Nationals
Foreign investors participate in SET-listed equities both directly (subject to sector foreign-shareholding caps) and through NVDRs (Non-Voting Depositary Receipts) issued by Thai NVDR Co. Ltd., which preserve economic rights without breaching sector caps. Foreign-incorporated holding companies looking to list a Thai operating subsidiary commonly create a Thai holdco for listing purposes and may need to restructure ownership through a tax-neutral share swap before IPO.
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