Market for Alternative Investment
| Market for Alternative Investment | |
_logo.svg.png){kind=logo} | |
| Type | Stock exchange |
|---|---|
| Location | Bangkok, Thailand |
| Founded | 21 June 1999 |
| Currency | Thai baht |
| No. of listings | 225 (12 June 2025) |
| Market cap | ฿218.05 billion |
| Indices | mai index |
| Website | https://www.set.or.th/en/market/index/mai/overview |
The Market for Alternative Investment (MAI or mai) is a Thai stock exchange established by the Stock Exchange of Thailand (SET) in 1998 under the Securities Exchange of Thailand Act as an alternative stock market for small and medium-sized enterprises (SMEs).[1] It officially commenced operation on 21 June 1999. It is located in Khlong Toei, Bangkok, and as of 12 June 2025 lists 225 companies.[2]
The SET allows mai to operate independently under the supervision of the SET's board of directors. The mai committee sets its policies and oversees the market's operation and front office duties such as stock listing and public relations. Back office functions, such as the trading system, clearing and settlement procedures, trading surveillance and supervision, as well as disclosure requirements, are based entirely on existing Stock Exchange of Thailand operations.
The SET is composed of three other markets, those being the Main Market (SET), the LiVE Exchange (LiVEx) for certain SMEs and startups with lower listing requirements, and the Thailand Future Exchange (TFEX) for derivatives. Like all capital markets in Thailand, mai is regulated by the Securities and Exchange Commission of Thailand (SEC), which has fees and disclosure requirements for all companies listed in mai.[3]
Listing Requirements
For a company to be listed on mai, it must meet the following requirements:[1]
- Two years of operation track record
- A minimum of ฿50 million in paid-in capital after the IPO
- A minimum shareholders' equity of ฿100 million
- At least 300 shareholders
- A minimum public offering to minority shareholders of:
- A net income of at least ฿42 million in the last 2 or 3 years, and a minimum net income of ฿25 million in the most recent year; or, if operating in certain prioritized industries, a market capitalization test will suffice
- Financially healthy and stable and having sufficient working capital
- Various payment and disclosure agreements with the SET and the SEC
Companies also must fulfill various post-listing requirements to stay on mai.
mai Index
The mai Index is a composite stock index that reflects the stock price movement of all common stocks trading on mai. It is a capitalization-weighted index calculated from the price of all common stocks on the mai, excluding stocks that have been suspended for three or more months. The mai Index has a base value of 100 points that was set on 2 September, 2002.[4] As of 28 July 2026, the index's value was 226.03 points (+4.14% YTD), down from a five-year high of 689.31 points on 15 September 2022.[5]
Milestones
11 November 1998:
The Office of the Securities and Exchange Commission approves in principle the establishment of the market for listing securities of small and medium enterprises by the Stock Exchange of Thailand (SET).
21 June 1999:
The mai officially commenced operation. The Minister of Finance emphasized the important role of the mai in supporting and strengthening Small and Medium-sized Enterprises.
16 January 2000:
Mr. Yuth Vorachattarn is appointed to be the first Managing Director of the mai. His goal is to develop the mai to be an efficient secondary market for Small and Medium-sized Enterprises, and to be a modern and dynamic market to promote international best practices for Thai businesses.
10 April 2000:
The mai announces a new listing category, “Section 2: Hi-Growth Enterprises”, to broaden the fund-raising opportunities for firms that had high growth potential even though they were relatively small, such as those in the technology industry.
17 September 2001:
The mai starts official trading. BROOK is the first company to be actually listed on the mai
3 September 2002:
The mai created its Index to provide investors with a valuable tool for understanding stock price movements on the mai. The index's base was the trading value of listed securities on the previous day, 2 September 2002
1 November 2004 Mr. Vichate Tantiwanich was appointed as the mai's President effective from 1 November 2004 onwards.
25 May 2005:
SET Board approves official Thai name for the Market for Alternative Investment (mai) which will be M-A-I, (pronounced as the 3 individual English letters) instead of "mai" (as in "pi").
15 February 2006:
The Board of Governors of The Stock Exchange of Thailand (SET) appoints Mr. Chanitr Charnchainarong to be the President of the Market for Alternative Investment (mai). (SET Press Release No. 21/2006 dated 9 February 2006)
29 January 2007:
Multibax Public Company Limited is the 50th company to be listed on the mai (mai Press Release No. 3/2007 dated 29 January 2007)
Listed companies
MAI listed companies as of 4 May 2010:[6]
| MAI Symbol | Company | Market Capitalization |
Official site |
|---|---|---|---|
| ACAP | ACAP Advisory Public Company Limited | 750,000,000 | |
| ADAM | Adamas Incorporation Public Company Limited | 337,146,024 | |
| AGE | Asia Green Energy Public Company Limited | 952,000,000 | |
| AIM | Absolute Impact Public Company Limited | 252,000,000 | |
| BGT | BGT Corporation Public Company Limited | 220,800,000 | |
| BOL | Business Online Public Company Limited | ||
| BROOK | The Brooker Group Public Company Limited | ||
| BSM | Buildersmart Public Company Limited | ||
| CHUO | Chuo Senko (Thailand) Public Company Limited | ||
| CIG | C.I. Group Public Company Limited | ||
| CMO | CM Organizer Public Company Limited | ||
| CPR | CPR Gomu Industrial Public Company Limited | ||
| CRANE | Chu Kai Public Company Limited | ||
| D1 | Dragon One Public Company Limited | ||
| DEMCO | DEMCO Public Company Limited | ||
| DIMET | Dimet (Siam) Public Company Limited | ||
| DM | Dhanamitr Factoring Public Company Limited | ||
| E | Evolution Capital Public Company Limited | [link removed] | |
| ETG | Eternity Grand Logistics Public Company Limited | ||
| FOCUS | Focus Development and Construction Public Company Limited | ||
| GFM | Goldfine Manufacturers Public Company Limited | ||
| ILINK | Interlink Communication Public Company Limited | ||
| IRCP | International Research Corporation Public Company Limited | ||
| KASET | Thai Ha Public Company Limited | ||
| KIAT | Kiattana Transport Public Company Limited | 3,100,000,000 | |
| L&E | Lighting and Equipment Public Company Limited | ||
| LVT | L.V. Technology Public Company Limited | ||
| MACO | Master Ad Public Company Limited | ||
| MBAX | Multibax Public Company Limited | ||
| PICO | Pico Thailand Public Company Limited | ||
| PPM | Porn Prom Metal Public Company Limited | ||
| PR124 | 124 Communications Public Company Limited | ||
| PYLON | Pylon Public Company Limited | ||
| SALEE | Salee Industry Public Company Limited | ||
| SIMAT | SIMAT Technologies Public Company Limited | ||
| SLC | Solution Corner (1998) Public Company Limited | ||
| STAR | Star Sanitaryware Public Company Limited | ||
| STEEL | Steel Intertech Public Company Limited | ||
| SWC | Sherwood Chemicals Public Company Limited | ||
| TAPAC | Tapaco Public Company Limited | ||
| TIES | Thai Industrial and Engineering Service Public Company Limited | ||
| TMW | Thai Mitsuwa Public Company Limited | ||
| TNDT | Thai Nondestructive Testing Public Company Limited | ||
| TNH | Thai Nakarin Hospital Public Company Limited | 1,278,000,000 | |
| TPAC | Thai Plaspac Public Company Limited | 905,000,000 | |
| TRC | TRC Construction Public Company Limited | 590,700,000 | |
| TRT | Tirathai Public Company Limited | 1,537,912,703 | |
| UBIS | UBIS (Asia) Public Company Limited | 805,600,000 | |
| UEC | Unimit Engineering Public Company Limited | 1,555,840,000 | |
| UKEM | Union Petrochemical Public Company Limited | 514,800,000 | |
| UMS | Unique Mining Services Public Company Limited | ||
| YUASA | Yuasa Battery (Thailand) Public Company Limited | ||
See also
References
- 1 2 "3. The public equity market." OECD Capital Market Review of Thailand 2025, OECD Capital Market Series, OECD Publishing, Paris, 27 November 2025. https://doi.org/10.1787/0a975590-en. Accessed 29 July 2026.
- ↑ "ตลาดหลักทรัพย์แห่งประเทศไทย – สรุปจำนวนหลักทรัพย์และบริษัทจดทะเบียน". Archived from the original on 7 May 2022. Retrieved 5 May 2022.
- ↑ "Thailand - Stock Exchange of Thailand: Overview of exchange." Cross-Border Listings Guide, Baker McKenzie, 1 February 2026, https://resourcehub.bakermckenzie.com/en/resources/cross-border-listings-guide/asia-pacific/stock-exchange-of-thailand/topics/overview-of-exchange. Accessed 29 July 2026.
- ↑ "mai Index Profile." mai Index Series, The Stock Exchange of Thailand, 2002, https://www.set.or.th/en/market/index/mai/profile. Accessed 29 July 2026.
- ↑ "mai Index Overview." mai Index Series, The Stock Exchange of Thailand, 2002, https://www.set.or.th/en/market/index/mai/overview. Accessed 29 July 2026.
- ↑ Company lists
External links
- Official MAI website (English)
- Official MAI website (Thai)