Indonesian Online Travel Startup Contemplates US Listing Via SPAC: Bloomberg

Indonesian online travel startup Traveloka CEO Ferry Unardi is looking forward to getting listed on the U.S. bourse using a special purpose acquisition company (SPAC) to raise funds, Bloomberg reports.
Unardi intends to get listed in the Indonesian bourse in the future.
Indonesian ride-hailing and e-commerce platforms Gojek and PT Tokopedia are settling their merger terms before listing the combined entity in Jakarta and the United States. Indonesia supports dual listing for unicorn IPOs.
Investors including Expedia Group Inc. EXPE, Rocket Internet SE, Singapore’s sovereign wealth fund GIC Pte, and JD.com Inc JD drove Traveloka’s valuation over the years from $3 billion in 2017.
Reportedly, Traveloka has hired JPMorgan Chase for the U.S. IPO. It will explore options for a merger or an acquisition upon the IPO.
The company is on the verge of raising funds at a lower valuation following the pandemic-induced damage on the travel industry.
Traveloka intends to invest further in its new post-paid travel options to attract more travelers following a business recovery from easing restrictions.