GIC-backed LINE MAN Wongnai said to gear up for US$300m IPO

GIC-backed LINE MAN Wongnai said to gear up for US$300m IPO

LINE MAN Wongnai, a Thai on-demand delivery app, is reportedly preparing for an initial public offering (IPO) in Bangkok with ambitions to raise approximately $300 million. The startup is collaborating with local advisers, including Kasikorn Securities PCL and Kiatnakin Phatra Financial Group Securities, while also considering international banks for assistance with the offering. This IPO, backed by Singapore’s sovereign wealth fund GIC Pte, could potentially take place in 2023. However, specific details regarding the size and timeline of the IPO are still subject to change.

LINE MAN Wongnai was created through the merger of Wongnai, an online restaurant review database founded by four Chulalongkorn University engineering graduates in 2010, and Line Man, Line Corp’s delivery service in Thailand. The company competes with Grab Holdings Ltd. and SCB X Pcl’s Robinhood app in the food delivery services sector, while also providing business solutions for shops and restaurants.

In 2021, LINE MAN Wongnai secured $265 million in a series B funding round led by GIC and Line, boosting its valuation to over $1 billion. Additional backers include BRV Capital, PTT Oil & Retail Business Pcl, Bualuang Ventures, and Taiwan Mobile Co. This year, the company expanded its portfolio by acquiring FoodStory, a Thai startup specializing in restaurant point-of-sale systems.

Line Man Wongnai’s CEO, Yod Chinsupakul, previously expressed aspirations for a valuation exceeding $10 billion and a listing on Thailand’s stock exchange. While the IPO process is still in the early stages, LINE MAN Wongnai’s debut on the Bangkok Stock Exchange could signal a significant development in Thailand’s IPO landscape.

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