Traveloka evaluates merger with SPAC route to go public, report says

In response to a Reuters query, Traveloka president Henry Hendrawan said that a SPAC is one of the options that the company is evaluating, given that they have been approached by a few.

A SPAC is a blank-check shell corporation designed to take companies public without going through the traditional initial public offering process.

Traveloka is still deciding between an IPO or a SPAC and is eyeing a valuation of US$5 billion to US$6 billion, a source said. The company, however, declined to comment to Reuters about the matter.

The Jakarta-based firm is among a few companies in Southeast Asia that have been approached or are targets of SPACs according to bankers, the report said.

In 2019, Hendrawan told Reuters that he would consider a possible dual listing for Traveloka in Jakarta and on another stock exchange such as in the US.

Despite being battered by lockdowns imposed across Southeast Asia this year, Traveloka has been marching to profitability as its transaction numbers in Vietnam and Thailand have reached nearly 100% of its pre-pandemic levels, Hendrawan said at the Tech in Asia conference held in October.