Rows of Startups Preparing to Follow Bukalapak’s IPO
Bukalapak’s IPO was held on the Indonesia Stock Exchange (IDX) today (6/8). There are at least five startups that plan to list their initial shares, including the combination of Gojek and Tokopedia or GoTo, as well as Traveloka.
The value of Bukalapak’s IPO offer is IDR 21.9 trillion. “This is the biggest IPO in the history of the stock exchange,” said Bukalapak President Director Rachmat Kaimuddin during a virtual press conference, Friday (6/8).
It came from an offering of 25.76 billion units of common stock, which represents 25% of all capital after the IPO. The OPEN shares are also in demand by investors. IDX noted that there were around 96,000 investors who participated in the listing of the unicorn’s initial shares or IPO.
Bukalapak’s share price also rose 24.71% compared to the time of the offer of IDR 850, which had touched IDR 1,060 per share. Apart from Bukalapak, there are several startups that are planning an IPO.
Most recently, financial technology (fintech) operator Kredivo is considering IPOs on two exchanges. In the early stages, Kredivo will become a public company on the United States (US) exchange, Nasdaq early next year.
“Considering the need for capital (capital), we chose the deep stock exchange on the Nasdaq,” said FinAccel Co-Founder and CEO Akshay Garg in a virtual press conference, Tuesday (3/8). Kredivo is also considering listing on the IDX. “This does not rule out the possibility,” said Akhsay.
Fintech lending also focuses on three priorities, namely product development, expansion to other markets in Southeast Asia, and targeting other business lines. “Now officially we have a public assessment. We are unicorns and that can be considered,” he said.
Tiket.com and Traveloka are also planning an IPO
Next is Tiket.com which is reviewing the IPO through a merger with a special purpose acquisition company aka SPAC. A Bloomberg source familiar with the matter said the startup is in talks for a SPAC merger or a ‘blank check’ company COVA Acquisition Corp.
The combined entity of the two has the potential to generate a valuation of US$ 2 billion. “The merger is intended for an IPO,” said a source quoted from Bloomberg, on May 19 (5/19).
SPAC is called a blank check company because it does not have any operations. This type of company is an investment vehicle created specifically to raise funds for the rich.
Sources said that for the merger, Tiket.com received assistance from global investment firm Goldman Sachs Group, which acted as an advisor.
Tiket.com Public Relations Manager Sandra Ayu Darmosumarto did not comment. “Currently, we are exploring a number of strategic options going forward, including an IPO,” he said. Another tourism startup or online travel agent (OTA) planning an IPO through SPAC, namely Traveloka.
The unicorn is rumored to be merging with a Hong Kong-based SPAC company, Bridgetown Holdings Ltd. If the merger materializes, the combined entity of the two is predicted to be US$ 5 billion or Rp. 73 trillion.
Previously, Traveloka President Henry Hendrawan said that the company plans to have an IPO soon. Unicorn is also evaluating a potential merger with SPAC as an option to offer initial shares.
GoTo will IPO at Two Exchanges
Then the joint company Gojek and Tokopedia, GoTo is preparing to IPO on two exchanges, namely the US and the IDX. This technology decacorn is reportedly in discussion with investors to raise US$ 2 billion or equivalent to IDR 28.9 trillion.
“GoTo has started the process of raising US$ 1 billion to US$ 2 billion with a valuation of between US$ 25 billion to US$ 30 billion,” said several sources quoted by Bloomberg, late last month (27/7).
The tech company reportedly went through an IPO process on a local stock exchange this year, before listing in the US. A source said that negotiations are ongoing and the details of GoTo’s fundraising plan are still subject to change.
Agriculture startup TaniHub Group is also reviewing IPOs. However, TaniHub Group CEO Pamitra Wineka said it would take time to be listed on the stock exchange.