Line Man Wongnai CEO Yod Chinsupakul / Photo credit: Line Man Wongnai
Thai food delivery firm Line Man Wongnai is planning to launch its IPO in 2025 on either a Thai or US exchange, TechCrunch reported, citing CEO and co-founder Yod Chinsupakul.
A dual listing in both countries may also be a possibility, the executive added.
Valued at over US$1 billion, the firm has raised over US$372 million from investors such as Z Holdings, BRV Asia, and Singapore’s GIC.
Starting as a restaurant review site in 2010, Wongnai merged with food delivery firm Line Man in 2020. The merger gave Line Man Wongnai access to Line, Thailand’s leading messaging app with over 50 million users.
Now Line Man Wongnai provides services like food delivery, restaurant reviews, and ride-hailing. It also acquired Rabbit Line Pay, a payment platform, and point-of-sale startup FoodStory in 2023.
Chinsupakul said the company plans to expand the services of its two acquired companies and invest in Line Man Wongnai’s tech team, with a focus on data and AI.
For its overall business, Line Man Wongnai said it will currently focus on the Thai market. It may also consider expansion into other Southeast Asian countries after its IPO.
GrabFood is currently the most popular food delivery player in Thailand, according to data from Statista, but Line Man Wongnai is not far behind.
However, there is still room to grow for food delivery firms in the country. According to Statista data, only 27.14% of Thai people order food online, and just 17.34% use online grocery delivery services.
See also: Mirxes records $58.7m operating losses and $24.2m revenue in lead up to HK listing
Editing by Miguel Cordon and Dhania Putri Sarahtika
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