Xavier Kong · · 1 min readThai ecommerce enabler aCommerce to delay IPO to next year
Thai ecommerce platform aCommerce Group will be pushing back its IPO due to market feedback not meeting lead banks’ expectations, GlobalCapital Asia reported, citing sources.
While the company had already started the IPO process, the plan to list on the Stock Exchange of Thailand was delayed to 2023. According to one of GlobalCapital Asia’s sources, given the current market situation and aCommerce being a tech company, there’s been a lack of visibility on the startup’s earnings, leading to the IPO being postponed.
Tech in Asia has reached out to aCommerce for comment, but it has not received a response at the time of publishing.
The ecommerce platform planned to sell 1.6 billion shares – about 35% of its share capital – to raise between US$250 million to US$300 million, with Siam Commercial Bank as the lead underwriter.
ACommerce announced its IPO plans in December last year. A month later, it formed a partnership with Shopify Plus.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond
Editing by Miguel Cordon and Lorenzo Kyle Subido
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