New stock news | Thai version of "Meituan" Line Man Wongnai considering listing in Hong Kong or the United States

According to media reports, Line Man Wongnai, a Thai technology startup company in which the Singapore government investment company GIC is involved, is considering conducting its first overseas initial public offering (IPO). The company's CEO, Yod Chinsupakul, stated that after delaying its stock issuance in Thailand, the company is now considering an IPO in Hong Kong or the United States, with a final decision expected to be made by the end of June. He pointed out that considering the unfavorable macroeconomic outlook, such as economic weakness and political turmoil, the appeal of listing in Thailand has decreased. Listing in other countries or regions where the stock market is more active and trading is busier would better serve the interests of its shareholders. The report mentioned that the Thailand Stock Exchange is working to address the challenges of companies moving abroad, as Thai companies seek to obtain more capital and higher valuations overseas. Thai regulatory agencies and the stock exchange have introduced a series of incentives, such as easing listing rules, to retain high-growth companies. However, a sluggish market, outflow of foreign capital, and poor IPO performance have weakened the attractiveness of the Bangkok market. According to data from the Thailand Stock Exchange, the fundraising amount in the Thai IPO market last year was approximately 13 billion baht, the lowest level since 2010. Many companies with Thai backgrounds are opting for overseas listings, such as the Thai cryptocurrency exchange Bitkub planning to list in Hong Kong, and IFBH (06603), which sells "if" branded coconut water, successfully listed in Hong Kong last June. According to sources, Line Man Wongnai, registered in Singapore, had previously hired an investment bank to prepare for an IPO in Thailand in 2025. The company has currently put this plan on hold and is reassessing the market environment. The company's official website shows that in 2010, Yod Chinsupakul founded Wongnai with college friends, which is a restaurant review platform based on Yelp. In 2020, the company merged with Line's Thai food delivery service Line Man. In 2022, Line Man Wongnai raised $265 million in a financing round led by the Singapore sovereign wealth fund GIC and Naver, with a valuation exceeding $1 billion. The company has approximately 10 million monthly active users and has partnerships with 700,000 restaurants. Line Man Wongnai is advancing its financing plan to increase investment in its financial technology subsidiary Lineman Pay. Yod Chinsupakul stated that the company is betting on the widespread adoption of online payments, which is expected to be a key driver of profit growth. He also revealed that the company expects to achieve profitability for the first time in 2025, but did not provide specific details.