Thailand’s Line Man Wongnai Eyes IPO in 2025, Weighs Dual Listing Options

Line Man Wongnai, a leading food delivery service in Thailand, is contemplating an initial public offering (IPO) on either a Thai exchange or in the United States in 2025, according to Yod Chinsupakul, the company’s CEO and co-founder. While the IPO’s launch location has yet to be finalized, Chinsupakul mentioned the possibility of a dual listing in Thailand and the U.S.

With its diverse services, Line Man Wongnai holds a prominent position in the Thai market, offering food and grocery delivery, ride-hailing, and messaging features. As the company prepares for the IPO, Chinsupakul will focus on business operations and restructuring, evaluating capital structure and financial needs, and various fundraising options. However, no definitive decisions have been reached, and dual registration is not currently part of the plan.

Line Man Wongnai has garnered support from various investors, including Z Holdings, a joint venture between SoftBank and South Korean internet firm Naver; Singapore’s sovereign wealth fund, GIC; and BRV Asia, among others. With total funding exceeding $372 million, the company has a valuation surpassing $1 billion. 

CEO Yod Chinsupakul talked about the strategic alliances with Line, Thailand’s leading messaging app, as a crucial advantage. By leveraging Line’s extensive user base, Line Man Wongnai has gained a competitive edge in the market. 

Moreover, the company’s deep understanding of customer preferences, local merchants, delivery infrastructure, and regulatory landscape has further helped in its success.

Line Man Wongnai’s evolution traces back to its inception in 2010 as a restaurant review platform. The company’s growth accelerated in 2020 when it merged with Line Man, integrating food and grocery delivery, ride-hailing services, and a messaging app into its offerings. Expanding its portfolio further in 2023, Line Man Wongnai acquired Rabbit Line Pay (RLP) and FoodStory, enhancing its revenues and customer base significantly.

In the face of stiff competition from industry rivals like Grab and GoTo, Line Man Wongnai remains resilient, holding a 53% market share in the food delivery segment. 

CEO Yod Chinsupakul remains optimistic about the company’s growth prospects, citing untapped opportunities in Thailand’s online food and grocery delivery markets. With a current user base of 26 million and plans to expand to 50 million users, Line Man Wongnai aims to leverage its extensive database of 1.6 million shops to further solidify its position in the market.

With ambitions to further consolidate its position, the company is directing its focus towards growing its POS business for merchants and payments services. Additionally, Line Man Wongnai is prioritizing investments in its tech team, particularly in enhancing its data and AI capabilities, to sustain its competitive edge and drive future growth.

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