The CEO of Bitkub Online, a Thai cryptocurrency exchange aiming to offer shares for sale to the general public starting next year, has estimated that the company could be worth up to $3 billion based on current evaluations, according to Jirayut Srupsrisopa from Bitkub Capital Group.
Bitkub Capital expressed its plan to offer shares to the public in a 2023 shareholder letter without specifying a timeline. Jirayut recently shared with Bloomberg that an Initial Public Offering (IPO) was intended for the following year, and they were currently recruiting financial advisers to help with the process.
Thailand’s leading crypto exchange, which generates approximately 80% of its Bangkok-based parent company’s earnings, is owned to the tune of 9.2% by Asphere Innovations. The parent firm was estimated to be worth around 6 billion baht ($165 million) during a Series A funding round last year, according to Jirayut.
“Jirayut mentioned on LinkedIn that a price-to-earnings ratio of 10 to 30 would imply a valuation for the company between 1 and 3 billion US dollars during discussions about an IPO, without specifying the amount they aim to raise.”
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2024-04-12 00:10