Traveloka Is Ready To Take The Floor On The Wall Street Stock Exchange This Year

Traveloka is ready to take the floor on the US stock exchange (The Wall Street Journal)

JAKARTA - This year, Traveloka is reportedly ready to take the floor on the US stock exchange. The unicorn startup, which focuses on hotel and ticket booking services, will open an initial public offering (IPO) through SPACs, a special-purpose acquisition company.

Traveloka boss, Ferry Unardi, revealed that the IPO mechanism through SPACs is quite efficient. Through SPACs, companies can raise IPO funds by purchasing private companies in a country. The next thing, the company will list the shares listed on the country's stock exchange.

"If we can do it faster, we can focus on executing and developing the company," Ferry told Bloomberg.

Ferry also added that Traveloka has chosen JPMorgan Chase & Co, so that it can take the floor on the US stock exchange. In the future, Traveloka will also have the opportunity to take the floor on the Indonesian stock exchange.

After the initial public offering is complete, Traveloka plans to carry out mergers and acquisitions so that the company can develop even more. Previously, this company had struggled as a result of the pandemic because the tourism business had plummeted. Traveloka is also reported to have laid off about 10 percent of its employees. After receiving an injection of funds from investors, Traveloka got up again.

"Last year was a difficult year, we had to evaluate the company, the business, and we had to make very difficult decisions," said Ferry.

The company with the unicorn status plans to invest in the pay later feature to gain more market share. Now Traveloka has made profits after the government has relaxed its travel restrictions.

This Indonesian company has opened several offices in Southeast Asia, such as the Philippines, Thailand, Singapore and Malaysia. The plan for Traveloka on the US stock exchange to add to the list of startups from Indonesia that use SPACs to become open source companies.

Previously, there were Gojek and Tokopedia that used the same method to get listed on the US stock exchange.

Based on a report from market research firm CB Insights, currently Traveloka has a valuation of US $ 3 billion since 2017. Other companies investing in Traveloka include GIC Pte Singapore, Rocket Internet, JD.com and Expedia Group Inc.