Bitkub Capital Group, the parent company of Thailand’s leading crypto exchange Bitkub Online, is eyeing a valuation of up to $3 billion in its planned initial public offering (IPO) next year, according to CEO Jirayut Srupsrisopa. The announcement comes as the firm prepares to broaden its shareholder base by going public, following a successful Series A fundraising round last July that valued the company at approximately $165 million (6 billion baht).
Strategic Moves Toward Public Offering
In a recent update to shareholders, Bitkub Capital outlined its public offering intentions without specifying a timeline. However, Jirayut’s statements to Bloomberg earlier this month clarified that the IPO is scheduled for the following year, with the company actively engaging financial advisors to steer the process.
A Dominant Player in Thai Crypto Market
Bitkub Online dominates Thailand’s cryptocurrency exchange market, contributing around 80% of the profits to its Bangkok-based parent company. Currently, 9.2% of Bitkub is owned by Asphere Innovations, highlighting its significant stake in the burgeoning digital currency sector in Thailand.
Valuation Prospects and Financial Planning
Jirayut shared insights on LinkedIn regarding the potential IPO valuation, suggesting that a price-to-earnings ratio of 10-30 could see the company valued between $1 billion and $3 billion. While the exact amount Bitkub aims to raise through the IPO remains undisclosed, this anticipated valuation underscores the company’s growth trajectory and its prominent position within the crypto exchange landscape.
As Bitkub gears up for its IPO, the crypto exchange’s strategic planning and market dominance position it as a significant player not only in Thailand but potentially on the global stage, marking a noteworthy milestone in the crypto industry’s evolution.
