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Deepti Sri · · 1 min readReport: Indonesia’s Tiket plans to go public after reaching unicorn status
“Indonesian online travel company Tiket.com is exploring going public through a merger with a special purpose acquisition company (SPAC) as it seeks to expand its business,” Bloomberg reported, citing sources familiar with the matter.
Details:
- Tiket is negotiating with Cova Acquisition Corp. for the potential deal, which is expected to push the valuation of the merged entity to US$2 billion. A representative from Tiket confirmed to DailySocial that its valuation has exceeded US$1 billion, and they indeed plan to go public.
- As part of the deal, Tiket may also raise about US$200 million through a private investment in public equity (PIPE). Goldman Sachs is advising the online travel startup, according to Bloomberg’s sources.
Context:
- The development comes amid a IPO rush among Southeast Asian companies that are looking to take their companies public through a SPAC listing.
- Indonesia’s Traveloka is reportedly in advanced discussions to get listed through a merger with Bridgetown Holdings, a blank-check company backed by billionaire investors Richard Li and Peter Thiel.
Update (May 19, 10:30 pm): This article was updated to include details from a later DailySocial report.
Editing by Miguel Cordon and Eileen C. Ang
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