Two giant startups, Tokopedia and Traveloka moves to list the company shares on the global stock exchanges also followed by e-commerce provider, Bukalapak, collaborating with the Special Purpose Acquisition Company - Photo by Bukalapak Office

JAKARTA (TheInsiderStories) – Two giant startups, Tokopedia and Traveloka moves to list the company shares on the global stock exchanges also followed by e-commerce provider, Bukalapak, collaborating with the Special Purpose Acquisition Company (SPAC), according sources close to the deal. The provider, which is founded by Achmad Zaky and his friends, has announced their intention to be listed on the foreign and Indonesia Stock Exchange (IDX) since last year.

“Of course we will always open that option. At the right time, we will do it,” said Bukalapak CEO Rachmat Kaimuddin, last January, by adding similar practices have also occurred in technology center areas such as in Silicon Valley.

So far, the company’ final funding came from American-based Microsoft Inc., for US$100 million in November 2020. Earlier, their competitor, Tokopedia, had appointed Morgan Stanley and Citi as advisors to accelerate its plans to become a public company. However, the Grab-backed firm has not yet decided the scheme and the stock market.

The management revealed that the company is currently reviewing one of the schemes, namely SPAC. Beside IPO, the company also looking the other options, such as merger with other tech firm, GoJek.

The management wrote, “SPAC is one of the potential options that we can consider, but we have not decided yet at this time.”

According to CLSA Sekuritas, the mega-merger plans is predicted to creates a market cap up to $40 billion and will rank third after PT Bank Central Asia Tbk (IDX: BBCA) with a market cap of Rp855.53 trillion ($59.82 billion) and PT Bank Rakyat Indonesia Tbk (IDX: BBRI) worth Rp576.03 trillion.

GoJek – Tokopedia also has the potential to do dual listings on the Indonesian and US stock exchanges,” wrote the research.

According to CLSA, this merger will later strengthen Tokopedia’ logistics capabilities, strengthen the fresh food segment, as a growing segment, and excellence in developing B2B businesses with a business portfolio of e-commerce, ride-hailing, food delivery, financial technology, and digital banking.

While, director at IDX, Laksono Widodo said that there will be a digital company with unicorn status that will conduct an IPO on the IDX this year. He still keeping a secret the name of the unicorn.

He said that the IDX had met with the founders and management of a number of unicorns in Indonesia. From the meeting, there were a number of inputs from the unicorns for the IDX, and they will be accommodated for the sake of the joy of the capital market.

US$1: Rp14,300

Written by Editorial Staff, Email: theinsiderstories@gmail.com