JAKARTA. Chief Executive Officer of Tiket.com, George Hendrata, announced that his company is currently considering going public by conducting a merger with a special purpose acquisition company.
Besides exploring the possibility of making an initial public offering (IPO), Tiket.com also plans to merge with one of the super-app companies in Southeast Asia.
However, Hendrata said that this start-up company under Djarum Group has to wait for the right timing and momentum to be able to pull off a conventional and domestic IPO. “A conventional IPO is something we surely are considering. However, SPAC option is faster,” Hendrata admitted, as quoted by Bloomberg, Wednesday (26/5).
Tiket.com is said to be talking with a SPAC, COVA Acquisition Corp. The projected value of this new merger company is approximately USD 2 billion. Jakarta-based Goldman Sachs Group Inc. acts as the advisor to Tiket.com.
As a part of the deal, Tiket.com could gain approximately USD 200 million of the private investment in public equity (PIPE), commonly accompanying a merger with a SPAC. (AM/ZH)