Three companies have postponed their initial public offerings (IPOs) to 2014, wary of a local stock market reeling from months-long political tensions.
Iced tea maker Ichitan Group, minerals processor Golden Lime and auto parts producer PCS Machine Group Holding are shifting their fund-raising plans from late 2013 to early next year.
The three companies are poised to list on the Stock Exchange of Thailand (SET).
Apart from those three firms, Thailand's biggest shopping mall developer, Central Pattana, has also put off a plan to raise 8.86 billion baht by selling units of its property fund, citing political unrest.
The mall developer previously planned to earmark 553.95 million units at 16 baht each for existing unit holders, with a subscription period from Dec 3.
Chanitr Charnchainarong, the SET's executive vice-president in charge of the issuer and listing division, said market capitalisation from newly listed firms and funds is still expected to reach 350 billion baht this year, surpassing last year's 120 billion baht.
He said 32 companies have listed on the SET and the Market for Alternative Investment (MAI) this year, adding 270 billion baht in market cap, and an additional seven companies with a combined market cap of 80-90 billion baht are set to seek a listing by year-end.
Among the seven, G Capital will debut on the MAI next Wednesday, CP Tower Growth Leasehold Property Fund will begin trading on Dec 16, Ticon Industrial Growth Leasehold Property Fund will make its first day of trade on Dec 18, and SPVI, an Apple Inc distributor, will begin MAI trade on Dec 19.
"Political factors have a minor effect on the primary and secondary market," said Mr Chanitr.
"We should look at the quality of listed firms. Many companies shrug off political factors and go ahead with their listing plans."
Sompop Sakphanpanom, chief executive of Asset Pro Management (APM), said the political situation has barely affected small and medium-sized IPOs, as most have good listing plans and their financial advisers will adjust IPO prices to suit the current atmosphere.
"We have talked to companies about market sentiment to set an appropriate IPO price, while investors can take this opportunity to buy cheap stocks," he said. "Once both understand the logic of the market, financial advisers can do their work and the funding process can be made on time."
Mr Sompop said postponed funding could take a toll on companies that need fresh capital to repay debt.
His firm is involved in the listing of two companies on the MAI this year, eight companies on both the SET and the MAI next year and two Laotian companies to list on the Lao Securities Exchange.