Rows of Startups Will IPO This Year, There are GoTo and Kredivo
The Initial public offerings or IPOs for Indonesian startups are predicted to trend this year. There are at least eight startups such as GoTo and Kredivo that plan to go public on the stock exchange in 2022.
Gayo Capital Co-Founder and Managing Partner Edward Ismawan Chamdani said unicorn IPOs would still be in demand this year. “Private investors will look at IPOs because growth is no longer the same as before or in the early stages of startups,” he said, last weekend (31/12/2021).
This exit strategy is a planned approach to end an investment that focuses on maximizing profits and/or minimizing losses, such as IPOs, mergers, and acquisitions. “This option can provide liquidity to investors or founders,” said Eddi, last year (16/8/2021).
Moreover, there are regulations from the Financial Services Authority (OJK) regarding the classification of shares with multiple voting shares (MVS). Eddi assessed that this regulation will be responded positively by startup founders.
The MVS rules allow startups listed on the IDX to issue multiple voting shares allowing the founders to retain majority voting rights. “In fact, this can happen if the founder has fewer shares than the public,” the study said.
GoTo and Kredivo are Reportedly Going to IPO soon
Reporting from Bloomberg, the GoTo Group is expected to be listed on the national stock exchange this year. This jumbo startup will pocket fresh funds of around US $ 1 billion or Rp. 14.34 trillion. The GoTo Group has reportedly appointed two underwriters, namely PT Mandiri Sekuritas and PT Indo Premier Sekuritas for the IPO.
Mandiri Sekuritas Corporate Secretary and Communication Nadya Siregar declined to comment. Meanwhile, Gojek’s Vice President of Corporate Communications Audrey Progastama Petriny did not respond.
After targeting the Indonesian stock exchange, the joint company Gojek and Tokopedia is rumored to be continuing its action by listing on the United States (US) stock exchange. There are at least two stock exchange boards in the US, namely the Nasdaq and the Dow Jones Index.
Kredivo, a financial technology startup (fintech lending) is planning an IPO on the US exchange, Nasdaq this year. The IPO plan will be executed after Kredivo’s parent company, FinaAccel, is acquired by a US global investment company, VPC Impact Acquisition Holdings II (VPCB).
Last year, FinAccel announced that it had entered the stage of a definitive agreement for the merger of VPCB’s business as a special purpose acquisition company or SPAC.
“This is a great opportunity for us to meet various credit needs such as cash loans, and realize our vision of driving fast, affordable, and easily accessible credit access to tens of millions of consumers in Southeast Asia,” said FinAccel Co-Founder and CEO Akshay Garg in a statement. virtual, last year (3/8/2021).
Tiket.com is Reportedly Going to IPO through SPAC
Tiket.com CEO of Tiket.com George Hendrata said the company would be getting closer to an IPO this year. He also reflected on the many startups in the digital-based travel service (OTA) sector that have benefited from being listed on the exchange.
He said in a special interview that they will follow the path, last year (29/10/2021). George also mentioned that 2022 will be a busy year for the company.
Moreover, this year will be a business recovery after being hit by a pandemic. Quoted from Bloomberg, Tiket.com plans to IPO through SPAC, namely COVA Acquisition Corp.
SPAC is also called a blank check company. It’s because it does not have any operations but is an investment vehicle to raise funds for the rich. The combined entity between Tiket.com and Cova Acquisition has the potential to generate a valuation of US$ 2 billion.