Owners of Thai Startup aCommerce Said to Consider Selling Stake

Elffie Chew and Manuel Baigorri, Bloomberg News

(Bloomberg) -- The owners of Bangkok-based aCommerce Group are considering selling a stake that could value the company at $200 million to $300 million, people familiar with the matter said.

Shareholders including co-founder and Chief Executive Officer Paul Srivorakul are working with a financial adviser on a potential divestment and have reached out to prospective investors to gauge interest, according to the people, who asked not to be identified as the process is private.

Deliberations are ongoing and a deal may not be reached, the people said.

Representatives for aCommerce didn’t respond to a request for comment.

The Thai ecommerce company, which was founded in 2013, has considered an initial public offering before, but ultimately decided against it.

The firm helps brands including L’Oreal, Adidas AG, Unilever NV and Nescafe SA sell products online, according to its website. With offices in Indonesia, Thailand, Malaysia, Singapore and the Philippine, its backers include NTT Docomo Ventures Inc., KKR & Co.-backed Emerald Media and MDI Ventures Ltd.

--With assistance from Anuchit Nguyen.