According to several news sources, e-commerce enabler aCommerce has filed for an initial public offering (IPO) in Thailand.
The firm intends to float its shares on the Thailand Stock Exchange’s main board (SET). It intends to sell up to 40% of its stock.
aCommerce will be Thailand’s first tech firm to go public once it is listed.
aCommerce, which was founded in May 2013, offers e-commerce technology and services such as performance marketing, channel management, webstore design and operations, content generation, order fulfilment and warehousing, shipping and logistics, and localised customer support.
Samsung, Unilever, Nestlé, L’Oreal, Philips, and Mars are among the more than 260 brands with whom it has partnered.
aCommerce has offices and fulfilment centres in Singapore, Indonesia, Thailand, Malaysia, and the Philippines, employing over 1,200 people.
“The roadshow begins for CEO Paul Srivorakul and his team with Siam Commercial Bank as is its lead underwriter,” a Reuters correspondent said in a LinkedIn post. “The listing will also be a test of investor appetite for future earnings. The company has reported losses since 2018. In the first nine months of 2021, it booked losses of 492 million baht from revenue of 6.3 billion baht.
Indies Capital Partners invested $15 million in the e-commerce enabler in January 2020. In July 2019, it received a US $10 million round from current owners, including KKR.
aCommerce has raised $118.8 million in numerous rounds of funding so far. Emerald Media, BlueSky, DKSH, Inspire Ventures, Sinarmas, and NTT Docomo are among the other investors.
The firm originally revealed its ambitions to register for an IPO in 2020 in September 2018, saying it was contemplating listing on either the Singapore Stock Exchange (SGX) or the Singapore Exchange (SET).
