Tiket.com Considers Merger with Blibli Before IPO
The OTA platform Tiket.com is reportedly considering a merger with e-commerce Blibli to smooth out the IPO plan on the Indonesia Stock Exchange (IDX). The news first emerged from Bloomberg news.
Previously, both Tiket.com and Blibli confirmed that the current valuation is more than $1 billion and has entered the ranks of unicorns. So going public with this business combination could result in a combined valuation of at least $2 billion at the time of the IPO.
“An assessment is ongoing but no final decision has been made,” said the source. Both COVA and Tiket.com representatives declined to comment on the proposed merger. Meanwhile, Blibli representatives have not responded to the news.
If this plan is correct, Tiket.com has the potential to merge with PT Global Digital Niaga, which oversees Blibli, before going on the stock exchange — or creating a holding entity like GoTo did. Both companies rely on conglomerate Djarum Group to support this IPO.
Previously, Blibli was reportedly working with Credit Suisse Group AG and Morgan Stanley to realize this IPO plan. Based on previous reports, Tiket.com initially considered a merger with COVA Acquisition Corp with a value of $2 billion.
However, according to a recent Bloomberg report, sources said the talks with the blank check company or SPAC were stopped because there was no consensus.
In addition to the SPAC option, Chief Executive Officer George Hendrata is also exploring traditional IPO options and the possibility of merging the business with one of the super apps in Southeast Asia.
Tiket.com was officially fully acquired by Blibli which is under the auspices of GDP Ventures. Meanwhile, GDP Venture is a venture capital company in the digital sector belonging to the Djarum Group.
Synergy of the Two Parties
If this IPO is realized, Blibli will follow PT GoTo Gojek Tokopedia Tbk (GoTo) which went public with a merger option. GoTo officially took the floor on the IDX today, Monday (11/4), and succeeded in obtaining IPO funds of Rp. 15.8 trillion.
In the case of Blibli and Tiket.com, the synergy between the two was already established when they announced the integration of user accounts and loyalty programs on each platform in February 2022. This synergy is claimed to be the first between e-commerce and OTA platforms in Indonesia.
Then, Blibli also partnered exclusively with digital bank “blu”, which is also a subsidiary of BCA owned by Djarum Group. Like the collaboration between Tiket and Blibli, this synergy is also claimed to be the first between e-commerce and digital banks.
On a large scale, this merger allows Blibli to execute its main business to win the online and offline market in Indonesia, especially in the MSME segment.
Currently, both Tiket.com and Blibli are also supported by Cermati Fintech Group, one of which is by applying the paylater service from Indodana (one of the CFG products).
Meanwhile, Cermati has also previously been part of the Djarum Group through strategic investments made. In addition to paylater, they have a number of other financial services, including insurtech, aggregators, to open finance.
Launch THR Program
The online travel agency tiket.com is holding the “Tiket Hari Raya” (THR) program from April 11 to May 2 to meet the needs of people who are preparing to go home or return to their hometowns ahead of Eid Al-Fitr 1443 H. Moreover, the government has announced the official leave and Eid holiday for 8 days, from April 29 to May 6.
Co-Founder & Chief Marketing Officer of tiket.com, Gaery Undarsa highlighted the enthusiasm of the community to return to traveling, after two years of being under restrictions to travel due to the Covid-19 pandemic.
For information, since it was launched in 2019, THR has been positioned as the annual Ramadhan discount program tiket.com in order to welcome the biggest homecoming week in Indonesia.
This year, THR has become a symbol of the revival of Indonesian tourism, the incessant revenge travel among the Indonesian people, whether to make a determination to go to a dream destination or go home to release homesickness with loved ones.