BOI, SET and SEC launch BOI to IPO pathway for promoted companies

Ten New Economy sectors are at the centre of the program

The initiative places particular emphasis on BOI-promoted businesses in advanced agriculture and food, biofuels and biochemicals, future medical activities, creative tourism, next-generation automotive, aviation and logistics, digital and e-commerce, smart electronics, robotics, and technology and innovation development.

The stated objective is to help high-potential companies raise domestic capital for further expansion in Thailand, including production, research and development, technology investment and overseas growth from a Thai base. SET has also revised parts of its listing framework for BOI-promoted businesses, while SET and SEC are working on measures intended to make IPO preparation and review more efficient.

That efficiency should not be confused with lighter investor-protection standards. The SEC says its approach continues to rely on complete and sufficient disclosure for investor decisions and on stronger internal controls at companies preparing to enter the market.

For practical context, see Thailand economy and finance. This development also connects with Thailand FastPass puts major projects on a faster permit track.

Added tax incentives are tied to eligibility and market entry

BOI had already announced the incentive framework on 11 September. For SET-certified New Economy companies, the framework provides either up to three additional years of corporate income tax exemption or a 50% reduction for five additional years. Other eligible BOI-promoted companies may receive either up to two additional exemption years or a 50% reduction for three years, depending on the business activity and applicable conditions.

BOI's earlier announcement also referred to companies entering SET, the Market for Alternative Investment (mai) or LiVEx. These incentives are not a blanket entitlement for every business operating in one of the target sectors: the company's BOI status, activity, certification and relevant capital-market requirements still matter.

**The MOU is a pathway, not an IPO approval**

The 17 September agreement formalises cooperation among BOI, SET and SEC. It does not give an individual company a guaranteed listing, timetable or approval. A business still has to prepare its financial reporting, governance, internal controls and disclosures, and then satisfy the rules that apply to its chosen market.

The distinction becomes relevant when evaluating the program. A tax benefit can make a listing more attractive financially, but becoming a public company also creates continuing obligations after the fundraising itself. Owners therefore need to weigh the value of public capital against the governance and disclosure burden rather than treating the incentive as the main reason to list.