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Line Man is gearing up for its 2025 IPO
Line Man Wongnai's decision to go public in Bangkok suggests that it aims to tap into the local investor market and potentially expand its operations with the raised capital. This move could also increase the app's visibility and credibility within the region.
Line Man Wongnai, the popular Thai on-demand delivery app, is currently preparing for its initial public offering (IPO) in Bangkok. This move indicates the company’s intention to offer its shares to the public for the first time, allowing interested investors to buy ownership stakes in the business.
Key takeaways
- Line Man Wongnai is planning to go public after launching its IPO set for the third quarter of 2025.
- Line Man Wongnai was launched in 2020 after Line Man and Wongnai merged.
- Between 2023 and 2024 Line’s food business grew above the industry’s growth.
The company plans to go public following its IPO on the Stock Exchange of Thailand (SET) set for the third quarter of 2025.
Line Man Wongnai’s decision to go public in Bangkok suggests that it aims to tap into the local investor market and potentially expand its operations with the raised capital. This move could also increase the app’s visibility and credibility within the region.
After its listing in the Stock Exchange of Thailand (SET), the company will become one of the first of its kind to go public.
The announcement was made by the company’s chief executive, Yod Chinsupakul, who expressed optimism about the company’s growth trajectory.
The company is backed by Singapore’s sovereign wealth fund GIC; its IPO could raise around 10 billion baht.
The CEO explained that Line’s business performance grew in 2023 and 2024, he added that Line’s food business grew above the industry’s growth as it has a variety of assortment and price points.
Line Man Wongnai’s food delivery platform aims to expand its user base to 50 million over the long term, up from the current 26 million users. The platform boasts a robust local restaurant database with 1.6 million shops, which plays a significant role in promoting Thai food as soft power.
The company is also expanding its reach to international tourist users by integrating a mini-app within the WeChat app, allowing Chinese tourists to order Thai food. This initiative is part of a broader discussion to further promote Thailand’s soft power.
Line Man Wongnai traces its roots back to 2010 when Chulalongkorn University engineering graduates founded Wongnai, an online restaurant review database. In 2020, Wongnai merged with Line Man, the local delivery service operated by Line, the country’s most popular messaging app. The company competes with Grab and the Robinhood app on food delivery services and also offers business solutions for shops and restaurants. Last year, it raised $265 million in a series B funding round led by GIC and Line, propelling its valuation to more than $1 billion.
The planned IPO by Line Man Wongnai marks a significant milestone for the company and the Thai digital platform industry. It reflects the company’s robust growth and its commitment to contributing to Thailand’s economy and cultural influence. As Line Man Wongnai prepares for its IPO, the company’s journey will be closely watched by investors and industry observers alike, as it sets a precedent for other digital platform companies in Thailand.
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