Indonesian Online Travel Startup Contemplates US Listing Via SPAC: Bloomberg

  • Indonesian online travel startup Traveloka CEO Ferry Unardi is looking forward to getting listed on the U.S. bourse using a special purpose acquisition company (SPAC) to raise funds, Bloomberg reports.
  • Unardi intends to get listed in the Indonesian bourse in the future.
  • Indonesian ride-hailing and e-commerce platforms Gojek and PT Tokopedia are settling their merger terms before listing the combined entity in Jakarta and the United States. Indonesia supports dual listing for unicorn IPOs.
  • Investors including Expedia Group Inc. EXPE, Rocket Internet SE, Singapore’s sovereign wealth fund GIC Pte, and Inc JD drove Traveloka’s valuation over the years from $3 billion in 2017.
  • Reportedly, Traveloka has hired JPMorgan Chase for the U.S. IPO. It will explore options for a merger or an acquisition upon the IPO.
  • The company is on the verge of raising funds at a lower valuation following the pandemic-induced damage on the travel industry.
  • Traveloka intends to invest further in its new post-paid travel options to attract more travelers following a business recovery from easing restrictions.

Posted In: BloombergSPACs AttackTravelokaNewsIPOsTechMedia