JAKARTA (TheInsiderStories) – Special purpose acquisition company (SPAC), COVA Acquisition Corp., (NASDAQ: COVAU) is negotiating with a various startup in Indonesia that has a valuation of more than US$1 billion to be purchased through an initial public offering (IPO), said the director today. The company is touted as one of the SPAC being explored by online travel apps, Traveloka, to list its shares on Nasdaq.
COVA has won fresh funds of US$261 million from the initial public offering (IPO) in Nasdaq on Feb. 5, 2021. According to the director, Pandu Sjahrir, the blank check company is looking for potential companies to be acquired using the proceeds from the IPO. Now, his company was approaching startups in Indonesia, including those with unicorn status to list their shares in Indonesia or global market.
They eyeing high-growth technology companies and businesses that support technology in Southeast Asia, particularly the consumer internet, e-commerce and software industries. He hope there are unicorns that can be listed in this year.
While CEO of Traveloka, Ferry Unardi, as quoted by global media, have appointed JP Morgan to handle their IPO on Nasdaq through the SPAC scheme. Apart from COVA, tech firm has discussions with other SPACs, namely Provident Acquisition Corp., and Bridgetown Holdings Ltd.
Last January, Provident Acquisition Corp., affiliated to private equity firm, PT Saratoga Investama Sedaya Tbk (IDX: SRTG), has also completed its IPO in Nasdaq. The SPAC firm received $230 million from the IPO. To grab the opportunity by startup or unicorn to list their shares in the local bourse, director of the Indonesia Stock Exchange (IDX), I Gede Nyoman Yetna, said his party has met and discussed intensively with the founders and top management of the unicorns.
He added, currently the regulator is in the process of rule making rules regarding main board access for prospective listed companies such as unicorns. COVA Acquisition is generally under the control of Crescent Cove Advisors LP. The US investment firm was founded by Jun Hong Heng, who has a track record of investing in media and telecommunications companies.
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