Thailand, largely seen as an understated market for tech listings compared to its SE Asian peers, is building traction for more domestic market outings on the back of the mega IPO track record last year, a robust pipeline and heightened investor appetite for public offerings.
Take the case of logistics company Kerry Express that made a successful debut on the Stock Exchange of Thailand (SET) in December 2020, raising nearly $280 million in IPO proceeds. Its shares as of April 2 were traded at a 64.71x P/E ratio, compared to 30x at IPO price. Kerry’s market capitalisation currently stands at around 90.9 billion baht ($2.9 billion).
