Line Man Wongnai will launch an initial public offering (IPO) on the Stock Exchange of Thailand (SET) by the third quarter of 2025 at the earliest, making it the first Thai digital platform company to list on the local bourse, according to the company's chief executive Yod Chinsupakul.
Mr Yod said the company expects to launch the IPO offering by the third quarter of 2025 at the earliest.
"Our business performance grew in 2023 and 2024. Our food business has grown above the industry's growth as it has a variety of assortment and price points," said Mr Yod following the Line Man Wongnai User's Choice 2024 awards.
Mr Yod added that the Line Man Wongnai food delivery platform aims to have 50 million users over the long term, up from the current 26 million users. It has a strong local restaurant database with 1.6 million shops that can promote Thai food as soft power.
For the first time this year, the company added a new award category for soft power Thai food in the User's Choice award to support Thailand's soft power, in line with the Thai government's promotion of soft power.
"Food is an important culture that can attract foreigners. There are 12,000 Thai restaurants overseas, and 6,000 in the US," said Paetongtarn Shinawatra, deputy chairwoman of the National Soft Power Strategy Committee, at the User's Choice 2024 award event.
Foreigners who have experienced Thai food might be eager to fly to visit Thailand. The list of award-winning restaurants in the new category will play an important role in driving local restaurants in terms of wider recognition. This would also encourage competition, she added.
Mr Yod said the company is expanding its international tourist users by having a mini app in the WeChat app to allow Chinese tourists to order Thai food and promote discussion to further promote Thailand's soft power.
Chumpol Jangprai, an internationally recognised Thai chef and chairman of the Food Industry Steering Committee under the National Soft Power Committee, said the food committee requested 600 million baht for this fiscal year, which is awaiting approval.
The food sub-committee has four projects, including the "one chef, one village" project, the Thai food world tour, the Thai food festival, and an international app available in seven languages for promoting Thai food.
"We also discussed collaborating with Line Man Wongnai to promote local food to attract tourists in 70 provinces. We see the trend that international tourists seek a greater variety of food like street food and hidden gems that only local users know, rather than just seeking Tom Yum Kung or Pad Thai, or other signature Thai dishes," said Mr Chumpol.
Surapong Suebwonglee, secretary-general of the National Soft Power Strategy Committee, added that food is an engine of growth for Thailand's soft power.
This year the committee will produce 10,000 skilled chefs out of the planned 40,000 within three years, said Mr Surapong.