aCommerce co-founder and group CEO Paul Srivorakul
E-commerce enabler aCommerce has filed for an initial public offering (IPO) in its home country Thailand, say multiple news reports.
The company plans to list its shares on the main board of the Stock Exchange of Thailand (SET). It looks to sell up to 40 per cent of its shares.
Upon listing, aCommerce will be the first tech startup to go public in Thailand.
“The roadshow begins for CEO Paul Srivorakul and his team with Siam Commercial Bank as is its lead underwriter,” a Reuters correspondent said in a LinkedIn post. “The listing will also be a test of investor appetite for future earnings. The company has reported losses since 2018. In the first nine months of 2021, it booked losses of 492 million baht from revenue of 6.3 billion baht.
Founded in May 2013, aCommerce provides e-commerce technologies and solutions, including performance marketing, channel management, webstore design and operations, content production, order fulfilment and warehousing, delivery and logistics and localised customer care.
It has partnered with more than 260 brands, such as Samsung, Unilever, Nestlé, L’Oreal, Philips and Mars.
With over 1,200 staff, aCommerce has offices and fulfilment centres in Singapore, Indonesia, Thailand, Malaysia, and the Philippines.
In January 2020, the e-commerce enabler secured US$15 million from Indies Capital Partners. This round came almost six months after it secured a US$10 million round from existing shareholders, including KKR, in July 2019.
To date, aCommerce has secured US$118.8 million over multiple investment rounds. Its other backers are Emerald Media, BlueSky, DKSH, Inspire Ventures, Sinarmas and NTT Docomo.
The company first announced its plans in September 2018 to file for an IPO in 2020 and was considering to list either on the Singapore Stock Exchange (SGX) or SET.
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