E-commerce shopping enabler aCommerce has applied for an initial public offering on the Stock Exchange of Thailand.
The official filing to the Securities and Exchange Commission took place on Dec 13. It plans to list 1,942,422,738 ordinary shares (par value of 1 baht per share), comprising 971,211,369 existing shares and 971,211,369 new shares.
The company reported revenues increased the past three years, from 2.9 billion baht in 2018 to 7.2 billion in 2020, representing an average growth rate of 56.2% per year.
The earnings before interest, taxes, depreciation and amortisation (Ebitda) for aCommerce demonstrated an improvement in business operations, transitioning from a loss of 790 million baht in 2018 to a profit of 112 million in 2020, said the filing.
Paul Srivorakul, aCommerce chief executive and co-founder, said the listing is supported by the rapid growth of online businesses in Southeast Asia and the company's leading position as an integrated e-commerce enabler in Thailand, Indonesia, Singapore, the Philippines and Malaysia.
"We believe we have good relationships with many partners across Southeast Asia, providing end-to-end e-commerce services to leading global brands across a wide range of product categories, such as consumer goods, fashion, beauty and electronics," said Mr Paul.
Those partners include global brands such as Unilever, 3M, Naraya, Quiksilver (Boardriders) and Reckitt.
According to consultancy Inter Brand, aCommerce provides services to 14 of the 100 most valuable global brands in 2021.
Mr Paul said the company continues to develop its technological offerings to increase capability in data integration and in-depth data analysis.
As a result, the company's brand clients grew to 120, managing a total of 35,574 products, facilitating an average order value of 1,306 baht for the three months ending on September 2021.
He said Euromonitor data predicts the e-commerce gross merchandise volume in Southeast Asia to post a compound annual growth rate of 19.8% from 2020 to 2025, growing from US$52.3 billion to $129 billion. This trend is accelerating because of changing consumer preferences towards online shopping due to the pandemic.
In 2020, aCommerce achieved 85.7% growth in end-to-end merchandise value, with a 69.6% increase in orders year-on-year, Mr Paul said.
The company offers e-commerce strategy consultancy, webstore development, brand store operations, performance marketing, and warehousing and order fulfilment.