Mitihoon – FINNOMENA FILES FOR IPO AND LISTING ON THE STOCK EXCHANGE OF THAILAND Thailand’s largest WealthTech platform moves toward what would be the country’s first startup IPO — and Southeast Asia’s first WealthTech listing.
Finnomena Public Company Limited (the “Company”), Thailand’s largest WealthTech platform in term of the total revenue according to the separate financial statements of the licensees for securities business type D (securities companies), today announced that it has filed an application for approval of an offer for sale of newly issued shares (the “Application”), a registration statement of security offering and a draft prospectus with the Securities and Exchange Commission of Thailand (“SEC”) for an initial public offering of newly issued ordinary shares and listing on the Stock Exchange of Thailand (“SET”) under the ticker “FINNO.”
The announcement was made by Co-founder and Chief Executive Officer Mr. Jessada Sookdhis during a keynote address at Techsauce Global Summit 2026 in Bangkok.
Subject to regulatory approval, the offering would mark the first IPO by a venture-backed technology startup in Thailand, and the first public listing by a WealthTech platform in Southeast Asia. Across the region, no venture-backed WealthTech company has completed an IPO in the past decade, despite the sector growing to approximately US$90 billion in assets on digital wealth platforms in 2025, according to ASEAN Exchanges.
“For ten years, founders across this region have asked the same question — can startups in Southeast Asia actually raise funds through an IPO and list on the Stock Exchange?” said Mr. Jessada Sookdhis, Co-founder and Chief Executive Officer of Finnomena. “We have asked for it ourselves. The only answer we could find was to try. If our application is approved by relevant authorities, we hope this is a positive signal for Thailand’s startup ecosystem”
A DECADE OF BUILDING
Founded in 2016, Finnomena operates an integrated WealthTech platform combining investment knowledge, professional advisory, and an investment platform. Its subsidiaries hold the Securities Business License Type D (Limited Brokerage, Dealing and Underwriting of Investment Units) and the Securities Business License for Investment Advisory Service.
“We started by giving away everything we knew about investing, for free, every single day,” said Mr. Chayanon Rakkanjanan, Co-founder of Finnomena. “Ten years later, that is still the engine. People come for the knowledge, and they stay because a real investment consultant helps them make a decision. No advertising budget can build that kind of trust.”
“Our advisors are the reason this model works,” said Mr. Kasin Suthammanas, Co-founder of Finnomena. “As of 31 March 2026, we have 3,342 independent investment consultants — doctors, pilots, pharmacists, career financial planners — matched to investors who are like them. Technology finds the match. People deliver the advice.”
“The financial profile behind this filing is what we want investors to look at closely,” said Mr. Wit Suthipongchaweekul, Chief Financial Officer of Finnomena. “Revenue has roughly doubled in two years while gross margin expanded from 29.5% to 52.4%. We moved from a net loss in 2023 to THB 105 million in net profit in 2025, with a 19.8% return on equity, no interest-bearing debt and a dividend policy of at least 50% of net profit. This is a platform business that has already proven its operating leverage.”
A MARKET STILL AT THE BEGINNING
Thailand’s mutual fund industry has grown to approximately THB 6.5 trillion in net asset value in the first quarter of 2026, yet remains equivalent to only 30% of GDP — compared with roughly 140% in the United States and over 500% in Singapore. The proportion of Thai citizens aged 60 and above is projected to rise from 18% in 2020 to 31% by 2040, according to the National Economic and Social Development Council’s population projections, making long-term investment advice increasingly essential.
“The gap between what Thai investors need and what they can access is the largest opportunity in our market,” said Mr. Sookdhis. “Technology has finally made professional investment advice something that can be delivered at scale for the first time — with artificial intelligence probably handling the operational work, and investment consultants keeping the relationship, the judgment, and the accountability.”
As disclosed in its filing, Finnomena reported:
- THB 68,557 million in mutual fund assets under advisement as of Q1 2026, growing from THB 38,762.4 million as of 31 December 2023
- 37.3% of market share in term of revenue from mutual fund brokerage business and agency business in 2025 — ranking first among all 17 licensed mutual fund brokerages (Securities Business License Type D) in Thailand, up from 31.6% in 2023
- FY2025 total revenue of THB 592.8 million, up from THB 289.2 million in 2023
- FY2025 net profit of THB 105.0 million, following a net loss of THB 55.5 million in 2023
- Q1 2026 total revenue of THB 237.0 million and net profit of THB 66.7 million
- Gross profit margin expanding from 29.5% in 2023 to 52.4% in Q1 2026
- Return on equity of 19.8% (last twelve months), a debt-to-equity ratio of 0.2x and no interest-bearing debt
- 3,342 independent investment consultants — the largest network in Thailand (as of 31 March 2026)
- 194,006 ready-to-invest users and approximately 800,000 knowledge platform subscribers (as of 31 March 2026)
- Access to 2,235 mutual funds from 21 asset management companies (as of 31 March 2026)
THE OFFERING
According to the filing, the offering comprises up to 30,000,838 newly issued ordinary shares with a par value of THB 0.50 per share, representing approximately 15% of the company’s paid-up capital following the offering. Kasikorn Securities Public Company Limited is acting as financial advisor. The company intends to list on the SET in the Financials / Finance & Securities sector.
The offering price, subscription period and first trading day have not yet been determined. Finnomena has adopted a dividend policy of no less than 50% of consolidated net profit after corporate income tax and legal reserve, subject to business conditions.
Proceeds are intended for further platform development, an application for a full securities license, investment consultant community spaces, and working capital.
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