CJ Mall aims to list on a stock exchange or complete an IPO by 2029, targeting a branch count close to or above 5,000 and expecting total revenue to reach 100 billion baht, against a 2026 sales target of about 80 billion baht. Setthien Setthienthamma, Chief Executive Officer and co-founder of Carabao Group, or CBG, revealed that three foreign stock exchanges have already approached the company. The Hong Kong Stock Exchange's Hang Seng has held about five formal rounds of talks, highlighting its trading volume as the second highest in the world, but the company still worries that ordinary investors in China may not know the CJ brand well enough compared with institutional investors. The Singapore Exchange, or SGX, has held two rounds of talks, offering that if CJ files with SGX it could also connect to the NASDAQ market in the United States using the same set of documents. The NASDAQ in the United States has made one presentation. However, Setthien stressed that the company has not officially decided to pivot to foreign markets and is in no hurry to raise funds because it faces no pressure over investment capital or debt, with its debt ratio currently far below the standard threshold. For 2026, the company is pressing ahead with 500 new branches, with investment of about 5 to 6 billion baht, bringing its business network to more than 60 provinces nationwide. It will also use pricing and promotion strategies under the concept of "complete, cheap, worth it" and push community and SME products through the "CJ Star" project, whose first phase selects 21 standout products from 17 operators for a pilot launch in 500 of its 2,000 branches. After just the first three days of trial sales, the products generated total sales of 180,000 baht, or more than 5,000 items.
Carabao Group Public Company LimitedCJ Mall targets a 2029 IPO and has held talks with NASDAQ, Hang Seng and SGX about listing.
