In its private funding rounds, the tech firm hauled in nearly $2.8 billion. Moreover, Tokopedia by itself represents a strong opportunity.
With competition heating up among Indonesian tech rivals, the entity that strikes first could end up with most of the spoils. However, Tokopedia’s management refused to confirm the deal, stating that “the news is inaccurate and purely speculative.”īoth Tokopedia and Gojek have long expressed finding a merger deal to forge an alluring package in the American IPO market. Should the 2 companies make good on the reports and combine, experts peg the value of the entity at $18 billion. In February of this year, Bloomberg noted that the 2 companies were finalizing terms for a merger. Just recently, media reports indicated that Tokopedia and Gojek, a company that offers on-demand multiservice platforms and digital payment solutions, inked a conditional sales agreement for a merger. However, should the Indonesian firm elect to go public via a reverse merger, rumors suggest that Bridgetown Holdings (NASDAQ: BTWN), a Peter Thiel and Richard Li-backed SPAC, may be interested in facilitating the deal. In December 2020, Tokopedia confirmed that it hired Morgan Stanley (NYSE: MS) and Citigroup (NYSE: C) as IPO advisors. Once combined, the private merger target automatically becomes a publicly-traded company. Instead they undergo an IPO for the sole purpose of identifying a merger target. SPACs are blank check companies that have no operations of their own. Management continues to contemplate which is the best course of action: a traditional IPO or reverse merger via a special purpose acquisition company or SPAC. You won’t find an official date on the IPO calendar just yet. Tired of the same old stock recommendations? The Tokopedia initial public offering ( IPO) promises to be among the most anticipated public debuts.
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How to Buy Tokopedia IPO Stock on the Open.Tokopedia and Bukalapak are believed to have current valuation of between US$5 billion to US$7 billion each, while the largest unicorn in Indonesia, Gojek, is at about US$12 billion. He said he would also target Indonesian millennials, as many of them check on the apps of these unicorns as soon as they wake up. Said IDX's Mr Pandu: "The good thing about those that have unicorn 'valuation', there has been a strong sense of institutional investors either from local or from foreign." That is more important whether you go IPO or not," Mr Teddy said.īukalapak is, among others, backed by China's Ant Financial and Singapore sovereign wealth fund GIC, while Softbank Vision Fund and Alibaba Group Holding Ltd are among main backers of Tokopedia. It is not something that we will have to do, but we want to be as soon as possible in the position that is IPO ready, ie profitable, right governance, right auditor, right everything, financial reporting.
In the same webinar earlier this year, Teddy Oetomo, Bukalapak's chief strategy officer, said that the company wants to get into a stage where it is IPO-ready, but that does not mean it wanted to do an IPO right away. That is definitely something we aspire to do in the near future." The IDX's total market capitalisation grew to 7,265 trillion rupiah (S$690 billion) in 2019 from 7,023 trillion rupiah in the year earlier.īut the Covid-19 pandemic has battered the market, with market capitalisation declining to about 5,700 trillion rupiah currently.Īsked about the probability of a Tokopedia listing, vice president of corporate finance & investments Randall Aluwi, said in a separate webinar organised by JFCC earlier this year: "When we think about IPO, it is something of a positive development because it also signifies the scale we have achieved and also the maturity level that we have achieved as a company. The total value was also lower compared to IPO deals in other South-east Asian countries. Related Story Google, Temasek said to be in talks to invest in Indonesian e-commerce giant Tokopedia