SET mai (Market for Alternative Investment)
SET mai (Market for Alternative Investment) is the Stock Exchange of Thailand alternative-listing board for small and medium-sized enterprises with lighter listing requirements than the SET main board. Targets SME issuers seeking IPO capital who don't yet meet SET main-board market-cap and revenue thresholds. Operates under SET listing rules with separate disclosure obligations. Co-exists with the SET main board, TFEX (futures), and the Bond Electronic Exchange (BEX).
Profile overview
SET mai (Market for Alternative Investment) is the Stock Exchange of Thailand alternative-listing board for small and medium-sized enterprises with lighter listing requirements than the SET main board. Targets SME issuers seeking IPO capital who don't yet meet SET main-board market-cap and revenue thresholds. Operates under SET listing rules with separate disclosure obligations. Co-exists with the SET main board, TFEX (futures), and the Bond Electronic Exchange (BEX).
Market segments and programmes
Listing requirements
SME IPO gateway
SET mai requires minimum paid-up capital of $579,710 (vs $8.7M for SET main board) and no minimum revenue threshold. Targets SMEs with 2-3 years operating history; suitable for companies with $2.9-500M annual revenue.
Investor base
Retail and local institutional
SET mai-listed companies primarily attract retail Thai investors, family offices, and local institutional funds. Foreign ownership limits and index inclusion are typically not applicable; liquidity is lower than SET main board.
Migration pathway
SET main board graduation
Successful SET mai issuers with sustained profitability and revenue growth migrate to SET main board listing. Approximately 5-10 issuers per year graduate; migration is a key success metric for the board's SME development mandate.
Thai capital-market listing venues comparison
SET main board
Operator
SET
Target issuer
Large-cap corporates
Min. paid-up capital
$8.7M
Operator
SET
Target issuer
SMEs, growth companies
Min. paid-up capital
$579,710
TFEX
Operator
SET / TFEX
Target issuer
Derivatives (futures, options)
Min. paid-up capital
N/A (exchange product)
Bond Electronic Exchange (BEX)
Operator
SET
Target issuer
Corporate bond retail trading
Min. paid-up capital
N/A (bond market)
| Venue | Operator | Target issuer | Min. paid-up capital |
|---|---|---|---|
| SET main board | SET | Large-cap corporates | $8.7M |
| SET mai | SET | SMEs, growth companies | $579,710 |
| TFEX | SET / TFEX | Derivatives (futures, options) | N/A (exchange product) |
| Bond Electronic Exchange (BEX) | SET | Corporate bond retail trading | N/A (bond market) |
Watchpoints 2025-2026
IPO pipeline
SET mai IPO volume
SET mai IPO volume averaged 25-35 new listings per year pre-2022; slowed to 15-20 in 2023-2024 due to tighter SEC disclosure rules and weak secondary-market sentiment. Recovery in 2025 depends on broader SET index direction.
Regulation
SEC enforcement on SET mai issuers
SEC Thailand has tightened enforcement on related-party transactions and connected lending in SET mai issuers; 2024 saw multiple trading suspensions. Compliance burden increase risks discouraging smaller SME issuers.
Competition
Crowdfunding and private equity
Thai SEC's Equity Crowdfunding framework (ECF) and expanding private-equity fund universe offer alternative capital channels for SMEs below SET mai thresholds; long-term structural competition for the pipeline of potential issuers.
Related Market profiles
Peers, parents, partners, agencies, and other Capital Markets actors.
Competitor
Securities and Exchange Commission of Thailand (SEC)
Thai capital-markets regulator; supervises SET, SET mai, asset managers, securities firms, digital-asset operators.
Open Market profile →
Competitor
Stock Exchange of Thailand (SET)
Thai primary stock exchange; SET, SET mai listing boards; ESG disclosure framework.
Open Market profile →
Reports featuring this profile
Related Market profiles
competitor
Securities and Exchange Commission of Thailand (SEC)
Thai capital-markets regulator; supervises SET, SET mai, asset managers, securities firms, digital-asset operators.
competitor
Stock Exchange of Thailand (SET)
Thai primary stock exchange; SET, SET mai listing boards; ESG disclosure framework.