Thai cryptocurrency exchange owner Bitcube Online, which plans to sell shares to the public next year, could be worth as much as $3 billion, said Jerayut Sruprisopa, CEO of Bitcube Capital Group.
Bitkub Capital indicated its intention to sell shares to the public in a 2023 letter to shareholders that did not specify a time frame. Geraut told Bloomberg earlier this month that an IPO is scheduled for next year and that the company is in the process of hiring financial advisors.
Thailand's largest cryptocurrency exchange generates about 80% of the profits of its Bangkok-based parent, which is 9.2% owned by Asphere Innovations. Jerayut said the company was valued at about 6 billion baht ($165 million) in a Series A fundraising round last July.
“A price-to-earnings ratio of 10-30 would put our valuation between $1 billion to $3 billion,” Jerayot said in a LinkedIn message when asked about the IPO valuation. He did not say how much the company was looking to raise.
