Tokopedia, an Indonesia’ e-commerce giant, has hired Morgan Stanley and Citigroup Inc., as and advisers for the initial public offering plans - Photo by the Company

JAKARTA (TheInsiderStories) Tokopedia, an Indonesia’ e-commerce giant, has hired Morgan Stanley and Citigroup Inc., as and advisers for the initial public offering plans, said the management on Wednesday (12/17). No further details on the listing period or the scheme choose by of the decacorn firm.

“SPAC (special-purpose acquisition company) is a potential option that we could consider but we have not committed to anything at the moment,” wrote the company.

The SPAC could value the Japanese firm, SoftBank Group Corp., around US$10 billion. As reported, the venture capital aimed to exit from its Indonesian portfolio after injected first funding in 2013.

This year, the tech firm is also aiming to raise up to $1.5 billion in final private funding round before it goes public. US-based internet companies, as well as existing investors, are looking to participate in the round. Singapore’ Temasek holdings has injected $500 million to the company.

The existing investors of Tokopedia are Softbank, China’ Alibaba Group and others. The marketplace, is now on track to become one of the biggest unicorns in the country following its funding round, right behind GoJek, the first Indonesia-headquartered firm to reach a valuation of roughly $10 billion.

This development came just a few days after Tokopedia’ president, Patrick Cao, said that the firm is planning to list in its home Indonesian market and also in the United States (US) during the next three years.

He said, the $1.5 billion capital injection would values Tokopedia at anywhere between $8 billion and $9 billion from $7 billion in 2018. He continued, the big tech had “already mapped out, planned, and prepared the appropriate arrangements needed” for the firm’ go IPO.

Founded in 2009, Tokopedia is an online marketplace that allows individuals and business owners in Indonesia to open and maintain their stores for free. It became the fourth unicorn in Indonesia in 2018.

It previously raised $1.1 billion in a funding round led by SoftBank Vision Fund and Alibaba Group, pushing its valuation to around $7 billion. Now, the Japanese venture fund, plans to exit from Tokopedia, by offered its ownerships to another parties.

Global media also reported, that Bridgetown Holdings Ltd (NASDAQ: BTWN), a Hong Kong-based investment company is considering to bough the shares. It said, the negotiations still in an early stage. The third parties denied to comment on the issues.

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