Thai ride-hailing and food delivery startup LINE MAN Wongnai is considering listing its shares abroad, Bloomberg reported on Thursday (Feb 6).
The Singapore-registered startup had initially prepared for a Thai listing, but market conditions prompted a pause as it re-evaluated its options. The company is now reported to be exploring options in Hong Kong and New York for greener pastures after putting its domestic IPO plans on hold, Chief Executive Officer Yod Chinsupakul told Bloomberg.
Thailand’s stock market has struggled to attract high-growth companies in recent years amid low valuations, a sluggish economy, and political uncertainty.
In 2025, Thailand’s IPO market remained subdued, with activity falling to levels not seen in more than a decade, with 18 companies launching IPOs across Thai bourses during the year. Aggregate capital raised was roughly 12.45 billion baht (about $350 million), continuing a multi‑year downtrend from about 40 billion baht in 2023 and 20 billion baht in 2024.
“There is less appeal in a domestic listing, with the unfavourable macro outlook from a weak economy to unstable politics,” Yod told Bloomberg. “Listing in another country with a more active market is in the best interest of our shareholders.”
Line Man Wongnai’s top shareholders
Line Man Wongnai aims to use the proceeds to expand its fintech operations, Line Man Pay, which it sees as a key driver of future growth.
Regulatory filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) show that in 2024, the company’s revenue grew 17% to $451 million, with gross profit reaching $101.1 million. Net losses widened to $22.1 million from $18.7 million a year earlier.
“The widening loss primarily reflects our strategic investment into LINE Pay, our payment and financial services unit, which is still in an early growth stage. This is a deliberate decision to capture long-term opportunities in payments and financial services,” a company spokesperson then told DealStreetAsia.
In a secondary share transaction in October 2025, LY Corp, Line Man Wongnai’s founding shareholder, acquired most of GIC’s holdings, leaving the sovereign wealth fund with a reduced stake ahead of the planned IPO.
Founded in 2010 as a restaurant review platform, Wongnai merged with Line Man, Line Corp.’s delivery service, in 2020. The combined company counts about 10 million monthly active users and 700,000 partner restaurants, and raised $265 million in 2022, valuing it at over $1 billion.
LINE MAN Wongnai achieved unicorn status in September 2022 when it announced raising $265 million in a Series B funding round anchored by GIC and Japan-based LY Corp.
The startup’s operations are mainly focused in Thailand, where it competes with Grab in several verticals, including food and parcel delivery, and ride-hailing.
