GIC-backed Line Man said to gear up for $410 million IPO

BANGKOK – Line Man Wongnai,  the Thai on-demand delivery app backed by Singapore sovereign wealth fund GIC, has started preparations for an initial public offering in Bangkok that could raise around US$300 million (S$410.8 million), according to people with knowledge of the matter.

The startup is working with local advisers including Kasikorn Securities Pcl and Kiatnakin Phatra Securities Pcl on the potential first-time share sale, the people said. The company is also interviewing international banks to help arrange the offering, said the people, who asked not to be identified as the process is private. A listing could happen as soon as next year, they said.

Deliberations are ongoing and details of the IPO including size and timeline could still change, the people said.

Line Man Wongnai is aiming for an IPO as early as 2025, its representative said in response to Bloomberg News…