LINE MAN Wongnai Looks Abroad as Thai IPOs Stall
Thai IPOs raised THB 13 billion in 2025, the lowest since 2010, and the delivery company, which says it turned profitable in 2025, now targets 2027.
LINE MAN Wongnai, Thailand's best-known delivery and restaurant platform, has set aside a plan to list in Bangkok and is looking at Hong Kong and the United States instead. Bloomberg reported the shift in February 2026, and Kaohoon International carried the details. The reason is the state of the Thai market, not the company's own numbers.
Why the Bangkok plan stopped
In 2025 the company hired banks for a sale of shares on the Stock Exchange of Thailand (SET), then suspended those arrangements to reassess. Chief executive Yod Chinsupakul said a weak economy and unstable politics made a domestic listing less attractive, and, as Kaohoon relays it, that a more active foreign market would serve shareholders better. At the time, he expected a venue decision by the end of June.
The market data backs him up. According to the Bloomberg report, Thai IPOs raised THB 13 billion in 2025, the lowest since 2010, and the SET Index fell 10%. Asia Tech Review puts the same collapse in dollars: Thai companies raised nearly $5 billion through IPOs in 2020, second in Asia only to China, and $408 million in 2025. The SET fell to a five-year low in June 2025, and more than $3 billion in foreign money left the market that year.
Listed names have not rewarded buyers. Central Retail raised nearly $2.5 billion in February 2020, and its shares are down 54% from the listing price. Betagro, PTT and Thai Life Insurance also trade below their IPO prices, Asia Tech Review reports.
The company in 2026
LINE MAN Wongnai was valued at over $1 billion and is backed by Singapore's GIC and Line Corp, according to Asia Tech Review. An interview with Yod by LY Corporation, conducted on 23 April and published on 2 June 2026, says the company achieved profitability in 2025.
By its own count it has more than 10 million users, more than 500,000 merchant partners, about 250,000 riders and about 1,300 employees. Thailand has about 700,000 restaurants, and over 500,000 are on its platform. It plans to invest THB 10 billion in AI. It says AI now handles 40% of customer service inquiries.
The listing target is now 2027. By April, the company named the SET, Singapore, Hong Kong and NASDAQ as options and said it would decide on market conditions. Yod's own words on risk were "hope for the best, but prepare for the worst." None of the sources reviewed for this story report a final venue.
Others are weighing the same exit
LINE MAN is not alone. Bloomberg reported in November 2025 that Bitkub, Thailand's largest crypto exchange, was exploring a Hong Kong IPO to raise about $200 million. Finnomena, a fintech with more than 300,000 accredited investor accounts, has also said it wants to list, per Asia Tech Review. Amity, the Thai-founded AI company that raised $100 million in March 2026, says it is preparing an IPO in 2027 without naming a market.
Kris Supavatanakul, Finnomena's strategy lead and a former SCB 10X venture investor, wrote on LinkedIn that venture investors have "largely given up on Thai tech exits." Asia Tech Review adds that few regional funds keep a Thai presence, and early-stage accelerator programmes have shrunk from nearly a dozen to a handful.
There is a counterweight. Asia Tech Review cites Bloomberg in saying that Thailand eased IPO rules in 2025, and that a peaceful election kept the political status quo.
For founders, the question is where the exit door is. Asia Tech Review notes that tech companies are rare on the SET, and a LINE MAN listing abroad would leave it with one fewer. The next signal is LINE MAN's venue decision, and whether it is announced ahead of the 2027 target.
FAQ
Is LINE MAN Wongnai still listing in Thailand?
It postponed its SET listing in early 2026 and was weighing Hong Kong or New York. In an April 2026 interview it named the SET, Singapore, Hong Kong and NASDAQ as options for a 2027 listing.
Why are Thai startups listing abroad?
Thai IPOs raised THB 13 billion in 2025, the lowest since 2010, and the SET Index fell 10%. Yod Chinsupakul says a more active foreign market would serve shareholders better.
Is LINE MAN Wongnai profitable?
An interview with Yod Chinsupakul, conducted in April 2026, says the company achieved profitability in 2025. No profit figure is given, and the claim has not been independently audited in the sources reviewed.
