Once taboo, IPOs for brewers are back on Thai bourse’s agenda
The country is home to some major brewers
[BANGKOK] Thailand’s stock exchange may open the door to alcohol beverage listings, long a taboo topic in the predominantly Buddhist country, as it seeks to jump-start share sales in its embattled equity market, according to its chairman.
“We urgently need to adjust ourselves before we lose those companies to other overseas stock exchanges,” Kitipong Urapeepatanapong, chairman of the Stock Exchange of Thailand, said.
Permitting alcohol beverage producers to list would help make the domestic market more attractive, he said.
Thai Beverage, as well as the alcohol businesses of Boon Rawd Brewery, the nation’s largest beer maker, and Carabao Group are good prospects for new listings, Kitipong said.
Thailand is home to some major brewers, but it has no listed alcohol beverage makers since ThaiBev aborted its domestic initial public offering (IPO) in 2005. Protests by thousands of activists and Buddhist monks pushed the country’s largest whisky and liquor maker, founded by billionaire Charoen Sirivadhanabhakdi, to debut in Singapore instead. That led the president of the Thai bourse then to resign for losing what would have been the country’s biggest IPO.
Opponents to ThaiBev’s local IPO said it would violate the principles of Buddhism and other religions in a country where over 90 per cent of the more than 70 million people are Buddhists.
The social environment has probably changed, said Kitipong, declining to address the risk of renewed protest.
Thai authorities in December began allowing the sale of alcoholic beverages between 2 pm and 5 pm as part of a pilot programme that could be extended beyond mid-2026. Restriction on afternoon sale has been in place since 1972.
The Thai bourse has been grappling with a growing number of local firms opting to list on regional exchanges in search of higher valuations and stronger demand. Cryptocurrency exchange operator Bitkub is considering a stock listing in Hong Kong, reversing its plan in Thailand, while Thai coconut-water maker IFBH in June made its stock debut in Hong Kong.
The benchmark stock index’s status as Asia’s worst performer in 2025, along with rising political risks ahead of planned February elections, also dampened investor interest. Its beleaguered IPO scene is likely to remain subdued in 2026 after capping its worst year for new share sales since 2010.
“Foreign investors have expressed their frustration with the scarcity of good and attractive companies in our stock market,” said Kitipong.
The bourse may also allow listings with dual-class share structures to attract IPOs from family-owned businesses, he said. The arrangement would allow founders to have greater voting powers, easing concerns about losing majority control after listing. BLOOMBERG
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