Sources: Bukalapak mulls US IPO through merger with blank-check firm

Details:

• The ecommerce firm is in preliminary talks with several blank-check companies and is working with investment banks for the listing. The potential merger with a SPAC could value Bukalapak between US$4 billion to US$5 billion, the sources added.
• The company could also consider listing a small part of its business in Jakarta prior to completing the deal with the blank-check firm for the US IPO.

Context:

• The company teamed up with Standard Chartered last month in an attempt to enable access of financial services for Indonesian consumers.
• Earlier in November 2020, the company announced a partnership with Microsoft, which saw the US-based tech titan reportedly investing US$100 million in Bukalapak.