What's on the table
Thailand is preparing a legal change that would let listed firms issue multiple share classes that carry different voting power. The Stock Exchange of Thailand, together with the finance ministry, the Securities and Exchange Commission, and other government agencies, is collaborating on the amendment, which Chairman Kitipong Urapeepatanapong said is expected to be approved by parliament this year and implemented in 2027. If adopted, Bangkok would join markets like Hong Kong that already allow this setup, with the goal of expanding the roster of listed companies and deepening liquidity as regional financial centers compete for deals.
Why this could unlock listings
The push targets a simple sticking point: control. As Kitipong put it, "From my discussions with a number of family-owned businesses, many don't want to list, or when they do, they sell only a small amount of shares because they want to protect themselves from a takeover." He said the shift is also aimed at meeting demand from institutional investors who want better access to Thailand's leading companies. Some Thai groups currently float only small stakes, choose foreign exchanges that offer dual-class structures, or skip listing altogether. "We need to provide this option similar to other regional rivals if we want to attract family-owned businesses in Thailand to list," he said, adding, "It would also help increase liquidity, which has been a major complaint among international funds." Foreign investors have also flagged that some of the country's top listings do not have enough free float to buy and trade at scale.
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The slump they're trying to fix
It has been a quiet year for new issues. To date, Thai companies have secured roughly 700 million baht ($21 million) from IPOs, a 95% decline from 2025 and tracking toward the smallest yearly sum since the exchange started releasing data in 2003. "Thai companies have delayed their IPOs as the conflict in the Middle East and high fuel costs weigh on the economic outlook," said Stock Exchange of Thailand President Asadej Kongsiri. "We have a strong IPO pipeline. If the war ends later this year, we expect 2027 to be a very busy year for IPOs."
What it means for your money
If dual-class shares arrive on schedule in 2027, Thailand could see more family-owned champions list at home, potentially with larger floats and better trading activity. That could widen the shelf of investable names and improve liquidity in a market where family firms already account for more than half of total value. Worth watching next: whether parliament signs off this year and whether geopolitics cool enough to let that IPO pipeline actually hit the market.
Dual-class shares trade investor protection for founder control. Get the free Market Briefs daily newsletter and follow the debate.
