GIC-backed Line Man Wongnai eyes Hong Kong or US listing

Thailand’s Line Man Wongnai, backed by Singapore’s GIC, is considering an IPO in Hong Kong or the US after postponing a planned listing in Thailand, according to CEO Yod Chinsupakul.

The company, which offers food delivery, ride-hailing, and e-payment services, aims to secure a higher valuation and attract stronger investor interest abroad.

Yod cited concerns about Thailand’s economic and political climate, as well as a sluggish local stock market, as reasons for exploring overseas listing options.

Line Man Wongnai, registered in Singapore, had previously planned a Thai IPO in 2025 but paused that effort.

The company is now focusing on raising funds to expand its fintech unit, Line Man Pay, and reported its first profit in 2025.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Government stimulus may lift the growth story ahead of a possible IPO

Line Man Wongnai is profitable. Thai government stimulus programs may raise near-term demand for its food-delivery business.
The firm says the national “Khon La Khrueng Plus” co-payment scheme will lift sales by 20% to 30% in the first month 1.
Thailand’s Finance Ministry said 22,831 merchants had signed up by Nov 3 at 2pm 1. Line Man Wongnai put 300 million baht into marketing tied to the scheme 1.
Program-led demand plus expansion into secondary districts and provinces may strengthen the case for an overseas IPO in Hong Kong or the US 1.

A possible overseas IPO could raise questions about Thailand’s local markets

CEO Yod Chinsupakul said Line Man Wongnai is weighing an IPO in Hong Kong or the US after delaying a Thailand listing.
Thailand’s IPO market raised about 13 billion baht (US$408 million) last year, the lowest since 2010, amid policy uncertainty and recent economic challenges.
A foreign listing choice tied to a weak Thai stock market plus political and economic concerns may revive questions about whether local exchanges can support large tech listings.
An overseas route may also push governments to match startup support policies, including co-payment schemes, with capital markets deep and liquid enough to keep listings at home 1.