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Thai Crypto Exchange Bitkub May Be Valued as High as $3B in IPO: CEO
Jirayut Srupsrisopa said earlier this month that an IPO was planned for next year.
The owner of Thai crypto exchange Bitkub Online, which plans to sell shares to the public next year, could be valued as high as $3 billion, Bitkub Capital Group CEO Jirayut Srupsrisopa said.
Bitkub Capital signaled its intention to sell shares to the public in a 2023 letter to shareholders that didn't give a timeframe. Jirayut told Bloomberg earlier this month that an IPO was planned for next year and the company was in the process of hiring financial advisers.
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Thailand's biggest crypto exchange provides about 80% of the Bangkok-based parent's profit and is 9.2% owned by Asphere Innovations. The firm was valued at about 6 billion baht ($165 million) in a Series A fundraising last July, Jirayut said.
"A price to earnings ratio of 10-30 would put our valuation between 1 billion - 3 billion US dollars," Jirayut said in a message on LinkedIn when asked about an IPO valuation. He did not say how much the company was looking to raise.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
