Indonesia-based Traveloka was keen on going public this year in the United States as it aimed to raise funds for its expansion plans.
According to a report by the Bangkok Post, the initial public offering (IPO) was likely to be conducted through a special purpose acquisition company called SPAC.
“SPAC is very efficient in terms of timing and for a growing company like us,” Traveloka Chief Executive Officer and co-founder Ferry Urnadi was quoted as saying in an interview with Bloomberg.
He said the company may consider a local IPO at a later stage.
Traveloka was reported to have tapped JP Morgan & Chase Co. for its US listing.
The company was keen on taking advantage of the boom in the IPO market which has been boosted by SPAC that would use funds raised from the IPO to purchase a private firm that will take over the listing.
As of 2017, Traveloka was valued at $3 billion. Its investors included Expedia Group Inc., Rocket Internet SE, Singapore’s sovereign wealth fund GIC Pte, as well as JD.com.
Traveloka has expanded across Southeast Asia since it was founded in the capital Jakarta in 2012.
Similar to its competitors, the company has moved beyond its roots to offer various services including lifestyle and financial services.
If not because of the pandemic, Traveloka was said to would have secured funds last July at a lower valuation than its prior funding rounds.
Photo from Traveloka website
