Listing Information
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Common Shares (mai)
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General listing criteria for listing on mai
A company applying to list its common shares on mai must have the following qualifications:
1.1 Qualifications for common shares
- are bearer shares
- are not subject to restrictions on the transfer of ordinary shares, unless these restrictions are in accordance with the law and in the articles of association of the company
1.2 Qualifications for the applicant
Qualifications |
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Net Profits Criteria |
Market Capitalization Criteria /1 |
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Status of the applicant |
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Must be a public limited company or corporation established under special law. |
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Paid-up capital in common shares |
> THB 50 million | > THB 50 million |
Par Value |
≥ 0.50 baht |
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Track record |
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Distribution of minority shareholders (after public offering) |
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No. of minor shareholders/ |
> 300 shareholders |
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Proportion of minority shareholders |
“Strategic shareholders” refers to
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Public offering |
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Approval |
Must have been granted approval by the SEC (except for a company established under a special law). |
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Number of shares cumulatively offered for sale: |
> 15% of paid-up capital |
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Public offering procedure |
Offered through an underwriter |
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Financial condition and liquidity |
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Management |
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Management and control personnel |
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Corporate governance and internal control |
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Conflicts of interest |
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Applicant's articles of association |
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Financial statements and |
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Provident fund |
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Definition: /1 Market Capitalization Calculation
- IPO price: the candidate applies for listing within 1 year from the last date of its IPO.
- Fair price determined by financial advisor: the candidate applies for listing more than 1 year from the last date of its IPO.
Silent period
The silent period extends for one year after listing. Those who meet the criteria for strategic shareholders* are not allowed to sell their shares totaling 55% or more of paid-up capital after the IPO. They are permitted to sell a maximum of 25% only of the locked-up shares after six months.
* “Strategic shareholders” refers to Directors, managers, and executive management, including related persons and associated persons who have a holding of above 5%, including related persons