Thai food delivery startup Line Man Wongnai has begun taking steps toward an initial public offering (IPO) and is eyeing a listing as early as 2025, as per a senior executive at the Southeast Asian unicorn.

While Bangkok remains the preferred listing location for Line Man Wongnai, it’s open to a dual listing, potentially in the United States, if there’s substantial investor interest, according to Chief Financial Officer In Young Chung.

A successful IPO would be a significant milestone for startups in the region and a strategic win for Line, the chat app operator that’s part of SoftBank’s extensive tech portfolio, as it continues to support growth businesses across Asia.

Line Man Wongnai faces competition from Singapore-based Grab, Foodpanda, and Siam Commercial Bank’s food delivery arm. Born in 2020 from the merger of Line Man (Line’s Thai food delivery business) and restaurant aggregator Wongnai, the company has been making strategic moves to strengthen its position. It recently agreed to acquire point-of-sales system startup FoodStory and is now acquiring a majority stake in payments business Rabbit Line Pay.

“We are in a position to really help digitalize Thailand,” Chung stated. He, a former Goldman Sachs banker from South Korea with prior experience at Line, noted that the food delivery sector is steadily gaining market share.

While Bangkok’s stock market offers attractive tax benefits for listings, it has seen fluctuations in sentiment due to political uncertainty and broader market dynamics. In the past week, two major Thai firms, trading group Berli Jucker and industrial conglomerate Siam Cement, postponed plans to list business units citing unfavorable market conditions.