Tokopedia, one among south-east Asia’s greatest start-ups, has mentioned it plans to go public in a check of Indonesia’s means to supply tech champions.
The net purchasing app, which raised cash at a $7.5bn valuation in November from Google and Singaporean state fund Temasek, mentioned it had approached Citi and Morgan Stanley to start work on a public itemizing.
It additionally confirmed that it had been approached by Bridgetown Holdings, a particular function acquisition firm (Spac) backed by the Hong Kong businessman Richard Li and the Silicon Valley investor Peter Thiel.
“We’re contemplating [accelerating] our plan to go public and we have now appointed Morgan Stanley and Citi to be our advisers. We have now not determined but which market and technique, and nonetheless contemplating choices,” Tokopedia mentioned.
“Spac is a possible choice that we might contemplate however we have now not dedicated to something in the meanwhile,” it added.
Tokopedia, which was based in Indonesia in 2009, has 100m month-to-month lively customers and is backed by Alibaba and SoftBank. However it faces fierce competitors from rivals Lazada and Shopee.
The corporate had deliberate an IPO for this yr however put its plans on maintain because the pandemic struck.
One shareholder mentioned Bridgetown’s curiosity, first reported by Bloomberg, is only one of Tokopedia’s choices. A banker concerned within the course of recommended that “a standard IPO continues to be the choice”.
Only a few of south-east Asia’s tech corporations have gone public, except Tencent-backed Sea Group, which operates Shopee.
“The Spac route might make for a smoother and shorter journey for Tokopedia, and if confirmed to achieve success, might pave a brand new highway for extra tech giants in south-east Asia to contemplate to exit,” mentioned Yinglan Tan, managing companion of south-east Asian enterprise capital agency Insignia Ventures Companions.
Bridgetown didn’t instantly reply to a request for remark.