GIC-Backed Thai Tech Unicorn Line Man Wongnai Weighs IPO in Hong Kong or New York
Thailand’s leading on-demand platform explores overseas listing options amid subdued domestic market conditions and aims to boost fintech growth
Line Man Wongnai, a Bangkok-based technology company backed by Singapore’s sovereign wealth fund GIC, is actively considering an initial public offering in either Hong Kong or the United States as it seeks to tap deeper investor pools and secure a premium valuation.
The company, which operates food delivery, ride-hailing services and a digital wallet, has postponed its planned domestic share sale and is now assessing international markets that may offer stronger liquidity and broader investor demand than the Thai stock exchange.
The startup’s chief executive, Yod Chinsupakul, said the final decision on the listing venue is expected by the end of June, with discussions focused on the merits of trading in Asia’s largest IPO centre or on Wall Street.
Line Man Wongnai had previously engaged banks in preparation for a Thai IPO in 2025 but paused those plans amid weak market sentiment and slow performance of domestic offerings.
It is now prioritising capital raising to accelerate investment in its fintech unit, Lineman Pay, which the company views as a key driver of future growth.
The backdrop for the overseas listing push includes a relatively subdued performance by Thailand’s IPO market, which raised about thirteen billion baht last year, the lowest total since 2010, and broader economic and political uncertainty as the country prepares for national elections.
Despite incentives from regulators to retain high-growth firms, several Thai companies have looked abroad to list, including cryptocurrency exchange Bitkub and beverage producer IFBH, the latter of which completed its Hong Kong IPO in mid-2025. Line Man Wongnai’s move reflects a growing trend of Southeast Asian firms leveraging the liquidity and investor base of larger global exchanges to support expansion plans.
Founded from a merger of the LINE MAN app and the local platform Wongnai, Line Man Wongnai has grown into one of Thailand’s most prominent tech ventures, achieving unicorn status after a 2022 funding round that included GIC and major strategic investors.
The company’s interest in an overseas IPO underscores both its ambition to scale and the challenges of securing a compelling domestic valuation in the current market environment.
A successful international listing could position the firm to compete more effectively with regional rivals and accelerate the adoption of digital payments and integrated on-demand services across Southeast Asia, while highlighting Thailand’s evolving role in the global technology landscape.
The company, which operates food delivery, ride-hailing services and a digital wallet, has postponed its planned domestic share sale and is now assessing international markets that may offer stronger liquidity and broader investor demand than the Thai stock exchange.
The startup’s chief executive, Yod Chinsupakul, said the final decision on the listing venue is expected by the end of June, with discussions focused on the merits of trading in Asia’s largest IPO centre or on Wall Street.
Line Man Wongnai had previously engaged banks in preparation for a Thai IPO in 2025 but paused those plans amid weak market sentiment and slow performance of domestic offerings.
It is now prioritising capital raising to accelerate investment in its fintech unit, Lineman Pay, which the company views as a key driver of future growth.
The backdrop for the overseas listing push includes a relatively subdued performance by Thailand’s IPO market, which raised about thirteen billion baht last year, the lowest total since 2010, and broader economic and political uncertainty as the country prepares for national elections.
Despite incentives from regulators to retain high-growth firms, several Thai companies have looked abroad to list, including cryptocurrency exchange Bitkub and beverage producer IFBH, the latter of which completed its Hong Kong IPO in mid-2025. Line Man Wongnai’s move reflects a growing trend of Southeast Asian firms leveraging the liquidity and investor base of larger global exchanges to support expansion plans.
Founded from a merger of the LINE MAN app and the local platform Wongnai, Line Man Wongnai has grown into one of Thailand’s most prominent tech ventures, achieving unicorn status after a 2022 funding round that included GIC and major strategic investors.
The company’s interest in an overseas IPO underscores both its ambition to scale and the challenges of securing a compelling domestic valuation in the current market environment.
A successful international listing could position the firm to compete more effectively with regional rivals and accelerate the adoption of digital payments and integrated on-demand services across Southeast Asia, while highlighting Thailand’s evolving role in the global technology landscape.
