Traveloka planning US public listing

Saturday, 17 Feb, 2021 0

Indonesia based Traveloka has outlined plans to go public in the US via a SPAC (special purpose acquisition company) listing.

SPAC is a fast-track route to a public listing by allowing companies to use funds raised from an IPO to acquire a separate private company that takes over the listing.

"SPAC is very efficient. If we can do it faster we can then focus on execution and growing the company," Traveloka CEO Ferry Unardi told Bloomberg.

The company may also file for a listing in Indonesia at a later date.

Traveloka was founded in 2012 and has grown to be the largest homegrown OTA. It has also expanded across Southeast Asia.

It has been heavily impacted by the travel downturn since the start of the pandemic and has to make some job cuts.

"Last year was difficult, we had to assess our organisation, we had to make very difficult decisions," said Unardi.

Traveloka has reportedly instructed JPMorgan Chase for the IPO.

The company has a current valuation of about $6 billion.

Written by Ray Montgomery, Asia Editor

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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