As now is and has been in the recent past, just avoid Thai IPO's.

PaulRen's picture

I just took a look at SET/MAI recent IPO’s -and not surprised in their demise to date, across the board.  Here below is the short consequtive tally as per the SET’s own web site, which there just shows the last 6:  

Here is the link:,  just scroll down a bit to see IPO.

SAFE  IPO’d at 21,  now 16.90    or -20%

ETL    IPO’d at 1. 68 now at 1.25  or -26%

SCL    IPO’d at 1.54  now at 1.10  or -29%

NAM  IPO’d at 7.70 now at 5.70   or -26%

ORN  IPO’d at 1.49 now at 0.90  or -40%

MCA  IPO’d at 3.30 now at 1.40   or -58%

Cumulative average loss, assuming investing in all of these equally is so -33.17% as per December 12th 9.40 AM.

For a long time and in different ways I warned on this, i.e. Thai Investment Bankers (IB) overpricing IPO’s here and addressed this in various articles here -and elsewhere.  Not least, pointing out how neither the SET nor any of the brokers, to my knowledge, unlike other exchanges, never address nor tabulate the performance of IPO’s,  say 3,6 and 12 months later along with naming the Underwriter or Financial advisor that brought them public. This for transparency and disclosure purposes.  Just one more example of Thai stock exchange reforms presently lacking.  And we see the results.  How long and how much damage is done to the investor community here with such dismal performance. If no significant changes take place, in time, this will just devastate the entire Thai IPO capital raising undertaking.

Best Regards,

Paul A. Renaud.