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.