How MMN can support the IPO journey
Listing takes several parties working together. MMN can help the company get ready — before and during the process — so every other party can do its work smoothly.
Readiness review & gap analysis
Compare where you are today with what the SEC and the exchange expect, then turn the gaps into a prioritised work plan.
Group restructuring
Shape the group, shareholding and related-party arrangements into a clear, transparent structure, weighing legal and tax effects together.
Internal control & governance
Put internal controls, policies and board practices in place so the company already operates like a listed company before filing.
TFRS for PAEs financial statements
Align accounting policies and the closing process so financial statements are prepared under Thai Financial Reporting Standards for publicly accountable entities (TFRS for PAEs), ready for audit.
Tax clean-up
Review legacy tax exposure, plan the remediation and prepare the documentation that due diligence will ask for.
Data room & coordination
Build a complete data room and coordinate with the financial advisor, underwriter and auditor so information stays consistent and on time.
- MMN — IPO-readiness advisor: can help diagnose the gaps, build the systems and support the company in getting ready.
- SEC-approved auditor — audits the financial statements used for the filing; this can be an auditor from one of MMN’s partner audit firms.
- Financial advisor (FA) — appointed by the company (not MMN) to lead the filing with the regulators.
- Underwriter — a distinct role from the FA (not necessarily a separate firm), appointed by the company to handle the share offering.
Companies looking at the capital market
Family businesses
Separate family from company, set the shareholding and succession structure, and build governance investors can trust.
Family business to IPO →BOI-promoted companies
Build on your existing BOI separated-accounting discipline and turn it into listed-company-grade reporting.
BOI service →Growth SMEs
Put accounting, controls and KPIs in place early so growth is ready to turn into a capital raise.
Growth Accounting →A readiness journey that depends on your starting point
The timeline varies materially with readiness — often around 18–24 months of preparation before filing (per SET guidance), sometimes longer — depending on the quality of the accounting, the complexity of the group and the tax issues to resolve. The phases below are general guidance only.
Diagnose & plan (first few months)
Readiness review, gap analysis, choosing the right market and a prioritised roadmap.
Fix & build (roughly the first year)
Restructure the group, clean up tax, align accounting policies with TFRS for PAEs and install internal control and governance.
Build the track record (following years)
Build the operating track record and management continuity that SET/mai criteria look at, while running the new systems consistently.
Filing preparation (final months)
Prepare the data room, support due diligence and work with the financial advisor on the filing documents.
Sustain listed-company standards
Support periodic closing and reporting, and keep internal controls working.
- Exchange listing criteria (SET/mai): for example an operating track record and management continuity, as each market defines them.
- Listing-readiness elements: corporate governance, internal control, financial statements under TFRS for publicly accountable entities (PAE), and an audit by an SEC-approved auditor.
SET vs mai vs LiVEx
SET
The Stock Exchange of Thailand main board, for larger companies with an established operating track record.
mai
The Market for Alternative Investment, an alternative market with different (generally lower) listing criteria than SET.
LiVEx
LiVE Exchange, for SMEs and startups, with simplified listing criteria and restricted investor types.
Each market’s numeric criteria (capital, operating results, share distribution and so on) are revised from time to time. Please check the current criteria on the Stock Exchange of Thailand website.
Compare criteria at set.or.th ↗Where to start
Frequently asked questions
Does MMN audit the financial statements used for the IPO?
No. MMN acts as a readiness advisor; the audit of the financial statements used for the filing is performed by an SEC-approved auditor, which can be one from MMN’s partner audit firms.
How long does IPO preparation take?
It varies materially with readiness — often around 18–24 months of preparation before filing (per SET guidance), sometimes longer, depending on the state of the accounting, the group structure and the tax issues to resolve.
Does MMN act as financial advisor or underwriter?
No. The company appoints its financial advisor (FA) and underwriter — distinct roles, not necessarily separate firms; MMN works alongside the team the company chooses.
Start the conversation about your IPO path
Tell us where your company stands today and we will help you sequence what needs to be done.
Book a meetingThis page is general information for education only — not legal, tax or investment advice for any specific case. Regulatory and exchange rules change from time to time. Please consult MMN before making decisions or acting.