Southeast Asia’s leading regional ecommerce enabler, aCommerce, has filed for an initial public offer (IPO), aiming to sell up to 40 per cent of its shares on the Stock Exchange of Thailand (SET), the company said this week.
aCommerce, which provides end-to-end and ala carte e-commerce solutions for brands in Southeast Asia, has steadily taken off in May 2013 with around 103 million baht in funding led by NTT DOCOMO Ventures.
The move to sell a large portion of its shares could pave the way for them to become one of Thailand’s first tech startups to go public, amid reports of losses in recent years due to business expansion costs.
The company has been reporting losses since 2018, booking at least 492 million baht from revenue of 6.3 billion baht in the first nine months this year.
aCommerce offers a broad variety of e-commerce solutions, including digital marketing, IT development and store operations, consulting, customer care, fulfillment, and delivery. It also provides e-commerce solutions for global brands such as L’Oréal Group, LINE, Abbott, Unilever, and Nescafe.
Apart from Thailand, its revenue comes from neighboring countries including Indonesia, the Philippines, Singapore, and Malaysia.
“The company has been developing technology to broaden the boundaries of digital communications and provide new service capabilities,” said aCommerce’s founder and chief executive, Paul Srivorakul.
The fundraising from listing on the stock market will be used as a fund for future acquisition, said the founder.
“Since its founding, the company has provided comprehensive services to e-commerce platforms, serving over 11.6 million customers,” Paul added.