Thai technology startup Line Man Wongnai, which counts Singapore's GIC among its investors, is reportedly considering an overseas initial public offering (IPO). Following a postponed domestic listing, the company's CEO, Yod Chinsupakul, stated that a final decision between Hong Kong and the United States is expected by the end of June. He indicated that a listing in Thailand has become less attractive due to unfavorable macroeconomic conditions, including a weak economy and political instability. Listing in markets with more active and liquid stock exchanges would better serve the interests of its shareholders. The Thai stock exchange is reportedly facing challenges from companies seeking listings abroad to access deeper capital pools and higher valuations. In response, Thai regulators and the exchange have introduced incentives, such as relaxed listing rules, to retain high-growth companies. However, market downturns, foreign capital outflows, and poor IPO performances have diminished Bangkok's appeal. Data from the Stock Exchange of Thailand shows that fundraising via IPOs last year fell to approximately 13 billion baht, the lowest level since 2010. Several Thai-affiliated companies have shown a preference for overseas listings. For instance, Thai cryptocurrency exchange Bitkub is considering a Hong Kong IPO, and IFBH, the seller of "if" brand coconut water, successfully listed in Hong Kong last June. According to sources, Singapore-registered Line Man Wongnai had previously hired investment banks to prepare for a 2025 IPO in Thailand but has now paused those plans to reassess market conditions. The company was founded in 2010 when Yod Chinsupakul and a university friend launched Wongnai, a restaurant review platform modeled after Yelp. In 2020, the company merged with Line Man, a food delivery service under Line. In 2022, Line Man Wongnai raised $265 million in a funding round led by Singapore's sovereign wealth fund GIC and Naver, achieving a valuation exceeding $1 billion. The company boasts about 10 million monthly active users and partnerships with 700,000 restaurants. Line Man Wongnai is advancing its financing plans to increase investment in its fintech subsidiary, Lineman Pay. Yod Chinsupakul stated the company is betting on the popularization of online payments, which it expects to be a key driver of future profit growth. He also revealed that the company anticipates achieving profitability for the first time in 2025 but did not provide specific details.