GIC-Backed Thai Startup Weighs IPO in Hong Kong or New York

Line Man Wongnai, a Thai technology startup backed by Singapore’s GIC Pte, is considering an initial public offering abroad to tap stronger investor demand and secure a higher valuation, a move that would signal a lack of confidence in the local stock market.

The operator of food delivery, ride hailing and e-payment services is exploring an IPO in Hong Kong and US after postponing a domestic share sale, Chief Executive Officer Yod Chinsupakul said. The company expects to make a final decision by the end of June, he said.