The heavily-funded Indonesian e-commerce company Tokopedia is considering a public listing by merging with the blank-check firm Bridgetown Holdings Ltd, Bloomberg reports. 

Bridgetown Holdings is a blank-check firm backed by the American billionaire and Palantir chairman Peter Thiel and Hong Kong-based billionaire Richard Li. It raised $550 million in its debut this October.

Tokopedia could be valued at between $8 billion to $10 billion if a blank-check merger pulls through, Bloomberg reports. The e-commerce company was valued at $7 billion when it closed a $1.1 billion round co-led by the SoftBank Vision Fund and the Chinese e-commerce giant Alibaba in 2018. It raised $350 million this October from the US tech giant Google and Singapore’s Temasek Holdings at an undisclosed valuation.

Tokopedia is one of the biggest e-commerce companies in Indonesia and at large Southeast Asia. It’s the second most valuable startup in Indonesia, trailing behind the ride-hailing and delivery company Go-Jek. 

As of late, blank-check mergers have become a more popular method for companies seeking to raise more capital and go public. In Tokopedia’s case, if it holds a successful blank-check merger, it’ll mark one of the biggest blank-check deals to emerge from the Southeast Asian tech industry and could pave the way for more companies there to follow suit. 

Photo: Tokopedia CEO William Tanuwijaya, credit: World Economic Forum, licensed under CC BY-NC-SA 2.0

Share this...

Facebook

Pinterest

Twitter

Linkedin

Whatsapp

Email

Print