Thailand's IPO market is heading for a extended slowdown, according to market insiders. The country is attempting to revamp its capital market infrastructure, but the process will take considerable time to gain traction. Meanwhile, local companies are increasingly looking at listing opportunities elsewhere rather than waiting for domestic market conditions to improve. The structural challenges in the local IPO ecosystem are pushing firms toward international exchanges, creating a brain drain effect that's proving difficult to reverse. Officials acknowledge the market needs meaningful reforms to remain competitive.