According to a Bloomberg report, a Thai technology startup, Line Man Wongnai, backed by Singapore’s GIC, is evaluating an initial public offering (IPO) in either Hong Kong or New York amid declining investor confidence and limited fundraising opportunities in Thailand’s stock market.
The company, which offers food delivery, ride-hailing, and payment services, has postponed its previously planned listing on the Stock Exchange of Thailand (SET), while a decision on the venue for the abroad IPO is expected by the end of June, according to CEO Yod Chinsupakul.
Regulatory authorities and the local exchange have implemented measures such as easing listing criteria to retain growth-oriented firms. However, these initiatives have done little to counteract outflows of foreign capital, subdued equity prices, and disappointing domestic IPO results.
Line Man Wongnai’s CEO remarked that weakening economic conditions and political instability have further reduced the appeal of a domestic offering, and that prioritizing a listing in a more active foreign market would serve shareholders’ interests.
The company initially engaged banks to organize a public sale in Thailand in 2025, but has since suspended those arrangements to re-examine market conditions. Figures from Thailand’s stock exchange show IPO capital raised last year totaled THB 13 billion, marking the lowest volume since 2010. Thailand’s SET Index, the main bourse, was down 10% in 2025.
Thailand’s sluggish stock market recovery and its continued underperformance compared to other emerging markets have prompted an increasing number of firms to consider listing abroad for more robust capital and better valuations.
Last November, a similar story emerged as Bloomberg also reported that a Thai cryptocurrency exchange, Bitkub, was exploring the possibility of an IPO in Hong Kong as well, with the aim of raising approximately $200 million. The listing would mark a significant step toward the Hong Kong exchange’s goal of drawing more non-Chinese company listings.
