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Deepti Sri · · 1 min readSources: Bukalapak mulls US IPO through merger with blank-check firm
“Bukalapak.com, an Indonesian e-commerce company backed by Microsoft, is weighing a US listing via a special purpose acquisition company (SPAC),” reported Bloomberg, citing people familiar with the matter.
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.
Editing by Collin Furtado and Jaclyn Tiu
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