Thai Crypto Exchange Bitkub May Be Valued as High as $3B in IPO: CEO

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.

Edited by Stephen Alpher.

 

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