Indonesian Unicorn Tokopedia Considers Listing Through SPAC- PingWest

Indonesian Unicorn Tokopedia Considers Listing Through SPAC- PingWest

Indonesian Unicorn Tokopedia Considers Listing Through SPAC

December 24, 2020 4:19 am

Beijing (PingWest)—Tokopedia, the second-largest e-commerce firm in Indonesia, has received a merger approach from blank-check acquisition firm Bridgetown Holdings Ltd, but hasn’t decided whether to pursue a deal, Reuters reported on Dec. 15.

Founded in 2009, Tokopedia provides an online marketplace that allows individuals and businesses in Indonesia to open their own online stores.

The Indonesian e-tailer, backed by Japanese conglomerate SoftBank and Chinese e-commerce giant Alibaba, declared plans earlier this year to start preparing for a public listing but is facing increasing competition from SEA Group’s Shopee, the biggest e-commerce platform in Southeast Asia.

Tokopedia, which raised $350 million from Google and Singapore state investor Temasek Holdings in November, had not met its aim of raising at least half a billion in its latest round, according to Reuters' source. 

A spokesperson for the company told Southeast Asian tech media e27 that they are considering speeding up its listing plan and have appointed Morgan Stanley and Citigroup as the company's advisors.

“Market adoption is accelerating business growth since the pandemic...SPAC is a potential option that we could consider but that we have not committed to anything at the moment," the spokesperson said, "We have not decided yet which market and method, and still considering options.” 

Bridgetown, backed by Asian tycoon Richard Li and Silicon Valley billionaire Peter Thiel, raised $595 million in US IPO in October.

Bridgetown has also held talks with other Southeast Asian companies in the last few months but hasn’t finalized a merger.

Also known as special purpose acquisition companies (SPACs), blank-check companies are designed to acquire private companies to help them go public. SPACs are highly sought after in the Fed-fueled US stock market this year.

SHARE