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In Bangkok's central Siam Square, Suriyan Wongwan sweats while he waits to collect the food that he will deliver by motorbike as Thailand bakes through a heatwave.Among those hit hardest are workers whose jobs require them to be outdoors all day, such as the motorbike drivers who deliver food and offer taxi rides through Bangkok's traffic-choked streets.
Line Man Wongnai's decision to go public in Bangkok suggests that it aims to tap into the local investor market and potentially expand its operations with the raised capital. This move could also increase the app's visibility and credibility within the region.
Thailand's Grab aims for double-digit growth in 2024 after achieving back-to-back profitability in 2023.
Among the food delivery apps that operate in Thailand, Grab, Line Man, and Foodpanda are the most popular and competitive ones.
Global funds have shown interest in purchasing Thai equities, reflecting investor confidence in the market. Recent data indicates a potential economic recovery in Thailand, attributed to government stimulus, growth in tourism, increasing domestic consumption, and favorable valuations.