Tiket considers Blibli merger ahead of $1bn IPO
Indonesia: Jakarta-based online travel agency Tiket is said to be considering a merger with e-commerce platform Blibli ahead of a planned $1 billion initial public offering [IPO] this year, according to people familiar with the matter.
Bloomberg reported that the startup had originally been in discussions with special purpose acquisition company [SPAC] COVA Acquisition Corp but that those talks had now concluded.
Tiket, which was founded in 2011 and acquired by Djarum Group in 2017, also explored a traditional IPO last year with one of South East Asia’s travel super apps, according to CEO George Hendrata.
Like Tiket, Blibli [formally known as PT Global Digital Niaga] is backed by the same Indonesian conglomerate.
As an OTA and lifestyle app, Tiket allows consumers to book tickets for flights and trains, as well as hotel rooms, rooms for events, and other types of lodging. Since its founding 11 years ago, the startup has built up a network of more than 90 airlines, 2.7 million hotels, 10,000 tours and activities, and 400 exclusive inventories for hotels, villas and apartments.
In 2019, Tiket was announced as the fastest growing OTA in the world by software and technology company, Sabre. It now counts more than 17 million global users across its platform.
Blibli.com is an Indonesian e-commerce platform for electronic goods and lifestyle products in particular, and collaborates with more than 100,000 business partners worldwide, as per its website. Bloomberg News reported that the platform is working with Credit Suisse Group AG and Morgan Stanley on its planned IPO.
It comes after Indonesia’s largest technology company, GoTo Group, raised $1.1 billion in an IPO in March. The firm began trading publicly at the start of this week.