Bitkub Online, Thailand's leading crypto exchange, is gearing up for a public offering next year, with a potential valuation of up to $3 billion, according to CEO Jirayut Srupsrisopa of Bitkub Capital Group.
Bitkub Capital Group, the parent company based in Bangkok, hinted at its public offering plans in a shareholder letter dated 2023, without specifying a timeline. Jirayut recently informed Bloomberg that the IPO is slated for next year, and the company is in the process of hiring financial advisors.
The Thai crypto exchange, which accounts for approximately 80% of the parent company's profits, is partially owned (9.2%) by Asphere Innovations. Jirayut stated that the firm was valued at around 6 billion baht ($165 million) during a Series A fundraising last July.
In response to queries regarding the IPO valuation, Jirayut stated on LinkedIn, "A price-to-earnings ratio of 10-30 would put our valuation between $1 billion - $3 billion." However, he did not disclose the amount the company intends to raise.