Line Man Expands Beyond Food Delivery, Targets 2027 IPO

LINE MAN Wongnai, Thailand's largest food-delivery and local-services platform, is expanding beyond food delivery and targeting an initial public offering by 2027, according to Nikkei Asia. The company has been adding on-demand services and increasing investment in AI as it works to deepen its position at home and compete with regional rival Grab, Nikkei Asia reports.

LINE MAN Wongnai was formed in 2020 through the merger of LINE MAN, a delivery service, and Wongnai, a restaurant-review and listings platform. The company reports roughly 10 million monthly active users, equivalent to about a seventh of Thailand's population, and more than 700,000 restaurants on its platform, per Nikkei Asia. In 2022 it raised about $265 million at a valuation near $1 billion, according to Caproasia and contemporaneous reporting.

Nikkei Asia reports the company is aiming to list by 2027 but has shifted its venue plans. After postponing a planned listing on the Stock Exchange of Thailand in late 2025, citing unfavorable market conditions, the firm is now weighing an IPO in Hong Kong or the United States, according to the Bangkok Post and Nation Thailand. The Bangkok Post reports the company has looked offshore as appetite for new listings in the Thai market has weakened.

The expansion reflects an effort to reposition the business as a broader on-demand and technology company rather than a single-service delivery app. Nikkei Asia reports the company acquired Jera Cloud, a startup providing online booking management for beauty clinics, wellness centers and spas, in 2025, and added telepharmacy services that let users consult pharmacists and arrange medicine deliveries through the app. Company executives have described a transition toward an AI-driven services platform, per Nikkei Asia.

Southeast Asia's on-demand platforms have increasingly diversified beyond food delivery, layering payments, services and AI features to improve engagement and margins before seeking public listings. A decision to list in Hong Kong or the United States rather than domestically would test global investor appetite for the region's app ecosystems and could influence how peers approach their own listing venues. The outcome of any such offering would depend on market conditions at the time and on the company's ability to show durable growth across its newer service lines.

Key signals include whether the company confirms a listing venue and timeline, how quickly newer services such as telepharmacy and bookings contribute to revenue, and how competition with Grab evolves in Thailand. Any formal filing would provide the first detailed look at the company's financials since its 2022 fundraising.