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LINE MAN Wongnai, Thailand's leading food delivery and restaurant review platform, is reportedly preparing for an initial public offering (IPO) on the Stock Exchange of Thailand. The company, which merged food review site Wongnai with LINE's delivery service in 2020, has become a major player in Thailand's growing food delivery market. With backing from Singapore's sovereign wealth fund GIC and other investors, LINE MAN Wongnai achieved unicorn status in 2022 after raising $265 million at a valuation over $1 billion.
According to reports, the company is targeting an IPO that could raise around 10 billion baht (approximately $275 million). LINE MAN Wongnai is said to be working with local advisers including Kasikorn Securities and Kiatnakin Phatra Securities on the potential offering. The company is also reportedly interviewing international banks to help arrange the IPO, which could take place as early as 2024.
The IPO preparations come as LINE MAN Wongnai continues to expand its services and market share in Thailand. In 2023, the company acquired restaurant point-of-sale system provider FoodStory and is in the process of acquiring a majority stake in Rabbit Line Pay to grow its e-payments business. These strategic moves aim to strengthen LINE MAN Wongnai's ecosystem and competitive position ahead of a potential public listing.
However, the timing and details of any IPO remain uncertain, especially given recent postponements of large listings in Thailand. Market conditions and regulatory approvals will likely play a key role in determining when and how LINE MAN Wongnai proceeds with going public. For now, the company appears focused on continuing its growth trajectory and solidifying its position as a leading digital platform in Thailand's evolving tech landscape.
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While LINE MAN Wongnai's IPO prospects remain uncertain, investors eager to explore opportunities in the Southeast Asian food delivery and lifestyle services sector don't have to wait. At Linqto, we offer members access to interests in promising private companies before they go public. Our platform provides the opportunity to invest in potential industry leaders like LINE MAN Wongnai, with lower minimum investments than traditional private equity opportunities, allowing you to diversify your portfolio with pre-IPO investments in emerging markets.
2 - Yahoo Entertainment - (Bloomberg) -- Line Man Wongnai, an on-demand delivery app in Thailand, has started preparations for an initial public offering in Bangkok that could raise...
*These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO. The information provided above is based on current online discussions and is not intended as investment advice. Linqto does not endorse or guarantee the accuracy of this information, and we strongly recommend conducting your own research or consulting with a professional advisor before making any investment decisions. Linqto cannot be held liable for any investment outcomes resulting from the use of this information.