Line Man Wongnai weighs international IPO as Thai market appeal wanes
In a move that signals a potential blow to Thailand’s financial hub ambitions, the country’s leading on-demand platform, Line Man Wongnai, is weighing an international stock market debut over a domestic listing.
The Singapore-registered startup, which counts Singapore’s sovereign wealth fund GIC and Naver Corp. as major backers, is currently scouting locations in Hong Kong and the United States to capture higher valuations and deeper liquidity.
Chief Executive Officer Yod Chinsupakul confirmed that while the company had previously engaged banks for a 2025 listing in Bangkok, those plans are now on ice.
The 43-year-old founder noted that a final decision regarding the new listing venue is expected by late June.
This strategic pivot reflects a growing trend of high-growth Thai firms seeking greener pastures abroad, driven by a domestic environment currently hamstrung by political volatility and a sluggish post-pandemic recovery.
The Stock Exchange of Thailand has struggled to retain its "homegrown" stars despite recent regulatory efforts to relax listing rules for tech firms.
The market has been battered by foreign capital outflows and a string of underwhelming IPO performances, with 2023 marking the lowest level of capital raising in over a decade.
Yod pointed to the "unfavourable macro outlook" at home as a primary motivator, suggesting that the company’s shareholders would be better served by the trading activity and vibrancy found in global financial centres.
Line Man Wongnai’s trajectory has been one of rapid consolidation and growth.
Born from a 2020 merger between a Yelp-style review platform and Line Corp.’s delivery arm, the company achieved unicorn status in 2022 following a US$265 million funding round.
Having reached profitability for the first time in 2025, the firm is now looking to aggressive expansion in the fintech sector.
Its digital wallet service, Line Man Pay, is positioned as a future engine for earnings, capitalising on the shift toward a cashless economy among its 10 million monthly active users.
As Thailand prepares for a critical leadership transition this month, the departure of a flagship tech brand would underscore the challenges facing the local bourse.
With other local players like Bitkub also reportedly eyeing Hong Kong, the move by Line Man Wongnai, which manages 700,000 partner restaurants, could set a significant precedent for how the region's most successful startups navigate their path to the public markets.
Bloomberg
