In Thailand, the technology start-up Line Man Wongnai, backed by Singapore's GIC, is reassessing its plans for an initial public offering (IPO) initially aimed at the domestic market due to unfavorable conditions. The company, which provides food delivery, ride-hailing, and e-payment services, had previously made arrangements for a Thai IPO by 2025. However, Chief Executive Yod Chinsupakul indicated that the company is considering exploring opportunities in international markets such as Hong Kong and the United States instead. This pause and potential shift occur against a backdrop of diminishing confidence in the Thai stock market, which has been marred by poor IPO performance and recent market slumps. The Thai stock exchange has faced significant challenges, including foreign fund outflows and a lack of investor interest, leading to incentives from regulators to attract high-growth firms while also struggling against a weak macroeconomic environment. Mr. Yod expressed concerns over political instability and the macroeconomic outlook, emphasizing the need to act in the best interest of shareholders. Despite the obstacles present at home, Line Man Wongnai continues to grow its business, particularly in its fintech division, Lineman Pay. The company recorded its first profit in 2025, revealing a strategic focus on capitalizing on the increasing adoption of online payments as a crucial revenue driver. Their previous funding round in 2022 raised US$265 million, increasing the company’s valuation beyond US$1 billion. As the company evaluates its future, including its IPO strategy, it reflects broader concerns over the Thai economy. The upcoming elections and potential shifts in governance add another layer of uncertainty, prompting companies like Line Man Wongnai to seek opportunities in more stable markets. This move highlights the ongoing struggle faced by tech startups in navigating the complexities of Thai economic and regulatory landscapes.