Bitkub Online, the prominent Thai crypto exchange, is gearing up for an initial public offering (IPO) next year, according to CEO Jirayut Srupsrisopa. The company, which is part of Bitkub Capital Group, could be valued as high as $3 billion upon its IPO, Srupsrisopa stated.
The decision to go public was hinted at in a 2023 letter to shareholders from Bitkub Capital, although no specific timeframe was provided at that time. However, in recent discussions with Bloomberg, Srupsrisopa confirmed plans for an IPO in the coming year and mentioned that the company is in the process of bringing on board financial advisors to facilitate the process.
Bitkub Online stands as Thailand’s largest crypto exchange, contributing approximately 80% of the profits to its Bangkok-based parent company. Asphere Innovations holds a 9.2% stake in the exchange. Last July, Bitkub was valued at approximately $165 million during a Series A fundraising round.
In response to inquiries about the potential IPO valuation, Srupsrisopa indicated a price-to-earnings ratio of 10-30, which would place the company’s valuation in the range of $1 billion to $3 billion. However, specifics regarding the amount the company intends to raise through the IPO were not disclosed.
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