Line Man Wongnai, an on-demand delivery app in Thailand, has started preparations for an initial public offering in Bangkok that could raise around $300 million, according to people with knowledge of the matter.
The startup is working with local advisers including Kasikorn Securities Pcl and Kiatnakin Phatra Securities Pcl on the potential first-time share sale, the people said. The company, backed by Singapore’s sovereign wealth fund GIC Pte, is also interviewing international banks to help arrange the offering, said the people, who asked not to be identified as the process is private. A listing could happen as soon as next year, they said.
Line Man Wongnai’s potential offering comes after two of Thailand’s biggest IPO candidates called off their plans. Siam Cement Pcl scrapped the proposed first-time share sale of its chemical unit that could have raised as much as $3 billion. Big C Retail Corp., a supermarket chain operator controlled by Thailand’s richest person, also postponed its $1 billion listing plans.
The startup competes with Grab Holdings Ltd. and SCB X Pcl’s Robinhood app on food delivery services. It also offers business solutions for shops and restaurants.
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