April 16, 2024
By Anjali Kochhar
Thai cryptocurrency exchange Bitkub Online is preparing for an initial public offering (IPO), with CEO Jirayut Srupsrisopa outlining lofty valuation goals. The company, a subsidiary of Bitkub Capital Group, plans to go public next year, potentially valuing the owner at $3 billion.
Bitkub Capital Group’s ambitions for an IPO were hinted to in a 2023 shareholder letter, but no precise timeline was mentioned.
However, Jirayut recently confirmed to Bloomberg that the IPO is scheduled for next year, with the company actively in the process of recruiting financial advisers.
Bitkub Capital Group’s intention to offer shares to the public was initially revealed in a letter to shareholders in 2023, although no specific timeframe was provided at the time. However, in a recent interview with Bloomberg, Jirayut disclosed plans for the IPO slated for the upcoming year, with the company actively engaging financial advisers to facilitate the process.
With Bitkub Online accounting for approximately 80% of the profits of its Bangkok-based parent company, the exchange holds a pivotal position in the firm’s financial portfolio. Notably, 9.2% of Bitkub Online is currently owned by Asphere Innovations, underscoring investor confidence in the exchange’s potential.
Bitkub Online’s valuation trajectory has been nothing short of amazing, with the company garnering a valuation of around 6 billion baht ($165 million) in its Series A fundraising round last July, according to Jirayut. Building on this trend, Jirayut hinted at a high valuation range for the upcoming IPO. Jirayut estimated a valuation of $1 billion to $3 billion based on a price-to-earnings ratio of 10-30, establishing Bitkub Online as a major participant in the global cryptocurrency exchange market. However, detailed specifics about the amount the company intends to raise through the IPO have yet to be released.
As the cryptocurrency market evolves and gains popular recognition, Bitkub Online’s IPO is a watershed moment not only for the exchange, but also for the entire crypto business in Thailand and beyond. Investors and stakeholders are eagerly awaiting further developments as Bitkub Online prepares to enter the public market.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
