Thailand’s aCommerce to raise over $200m in 2021 IPO, says CEO

Bangkok-based e-commerce enabler aCommerce is looking to raise over $200 million in an initial public offering (IPO) scheduled for 2021, its group CEO and co-founder Paul Srivorakul told DealStreetAsia.

The startup plans to hit the bourses by the first half of next year.

Founded in June 2013, aCommerce helps brands such as Samsung, L’Oreal, and Unilever sell their products online across Southeast Asia by providing services from web store design, distribution, and marketing to warehousing and delivery.

The startup plans to use part of the IPO proceeds to spruce up its technology platform and develop its enterprise-grade SaaS offering. It will also allocate capital for international expansion.

“We plan to list on a recognised stock exchange and do a fully marketed international offering. We may list on the main board of the Thai SET (Stock Exchange of Thailand), but are still finalising options,” said Srivorakul.

The company, he claims, is growing at around 40-50 per cent year-on-year, and is open to the “inorganic growth route” to strengthen its presence in the international market.

“We have had a number of smaller domestic players contact us and our shareholders more recently,” said Srivorakul.

The company had earlier said its 2018 revenue grew 73 per cent to more than $100 million, and operations in its core market of Thailand had turned profitable. The company is also present in Indonesia, the Philippines, Singapore and Malaysia.

Earlier this year, the company raised $15 million from Singapore-based investor Indies Capital Partners to finance the execution of its’ 2.0 strategy’ to reach group profitability and become cash-flow positive in 2020.

“We are continuing with our aCommerce 2.0 plan announced last year. We have achieved several of those targets such as breakeven, but we obviously want to drive towards healthy long-run margins. We have made some great hires to help us with the plan,” said Srivorakul.

To date, aCommerce is understood to have raised a total of $119 million. Apart from Indies Capital, its backers include KKR’s Emerald Media, Australia-based Blue Sky Ventures, DKSH, Inspire Ventures, Indonesia’s Sinarmas and NTT Docomo.

As consumer spending shifts online, brands are also prioritising online commerce over offline, which in turn is sprucing up demand for digital infrastructure in the region, said Srivorakul.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.