Indonesian travel startup Tiket to go public next year, CEO says

Update (Oct. 29, 10:00 a.m. SGT): This article was updated to include a recent statement from Tiket’s CEO.

Details:

• The Indonesian travel startup is also exploring other options, such as a traditional initial public offering as well as a potential merger with a Southeast Asian super app.
• Should the company decide to go public, Hendrata previously said that it would be within this year. However, in a recent interview, he shared that Tiket will go public next year as it’s “getting closer” to completing the process.
• In May, the CEO said that the SPAC option would be quicker, whereas the traditional route will take a year or two.

Context:

• It was reported by Bloomberg in May that Tiket was in talks with blank-check company Cova Acquisition for a merger deal that could value the combined entity at US$2 billion.
• As part of the deal, the Jakarta-based travel startup would raise US$200 million in private investment in public equity.