Thailand’s on-demand delivery platform Line Man Wongna has commenced preparations for its initial public offering (IPO) in Bangkok.
The company is expected to raise approximately $300m, people familiar with the matter told Bloomberg.
Line Man Wongna, which is backed by Singapore’s sovereign wealth fund GIC, is currently working with several local advisors, such as Kasikorn Securities and Kiatnakin Phatra Securities, for the potential first-time share sale.
The sources with knowledge of this issue said that the app-based platform is currently interviewing international banks to help arrange the offering.
According to the report, a listing is expected to take place in 2024.
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However, the sources claimed that the IPO details, including its timeline and size, may change.
In 2022, Line Man Wongnai announced raising $265m in a Series-B funding round led by GIC and LINE.
Other investors participating in this round included BRV Capital Management, PTT Oil and Retail Business Public Company, Bualuang Ventures and Taiwan Mobile.
Last year, the Bangkok Post reported that Line Man Wongnai CEO and co-founder Yod Chinsupakul is aiming to garner a valuation of more than $10bn while seeking to list on Thailand’s stock exchange.
In 2020, Wongnai, an online restaurant review database, merged with Line’s delivery service platform in Thailand – Line Man.
Wongnai was founded in 2010 by four graduates from Chulalongkorn University’s engineering faculty.
The merger of the two entities created Line Man Wongnai.
LINE MAN’s main services include food delivery, grocery delivery, messenger and taxi.
Earlier this year, Line Man Wongnai also acquired the startup FoodStory, which specialises in restaurant point-of-sale systems.
In December 2022, Line Man Wongnai started negotiations for the potential acquisition of Foodpanda’s local unit in Thailand.