Line Man Wongnai to pursue IPO at $10B valuation

Thailand's tech scene is set to witness a significant milestone with the impending IPO of Line Man Wongnai, an on-demand delivery service. Line Man Wongnai is expected to raise $300M.

• Local Advisors: Line Man Wongnai is aligning forces with Kasikorn Securities Pcl and Kiatnakin Phatra Securities Pcl to steer this ambitious venture. Negotiations are underway with international banks for their assistance with the IPO.

• Save The Date: Tentatively, the event could take place as early as next year, with final details still in the works.

• History: The company commenced its journey in 2010, founded by a group of Chulalongkorn University graduates who launched Wongnai, a restaurant review database. Fast forward to 2020, Wongnai merged with Line Man, resulting in the entity that is Line Man Wongnai today.

• Offerings: Beyond food delivery, the company provides business solutions for shops and restaurants.

• Funding: It raised $265M in a Series B funding round last year, soaring its valuation over $1B. The company's backers include GIC, Line, BRV Capital, PTT Oil & Retail Business Pcl, Bualuang Ventures, and Taiwan Mobile Co.

• Strategic Moves: Line Man Wongnai acquired FoodStory, a Thai startup focused on restaurant point-of-sale systems.

Despite recent hiccups witnessed in some of Thailand's significant IPOs, Line Man Wongnai is forging ahead with its IPO, targeting a $10B valuation, and aiming for a listing on the Thai stock exchange.