Softbank-backed Tokopedia undecided on SPAC merger, may opt for IPO (updated)

Ark Solutions

16/12/2020 14:06

(Updates with context)
    SINGAPORE Dec 16 (Reuters) - Indonesia's largest e-commerce
platform Tokopedia said on Wednesday it was not committed to a
merger with a special purpose acquisition company (SPAC) and was
evaluating its market options.
    "We are considering to accelerate our plan to go public and
we appointed Morgan Stanley and Citi to be our advisors," a
Tokopedia spokeswoman said in a statement. "We have not decided
yet which market and methods...A SPAC is a potential option".
    Tokopedia received a merger approach from blank-check
acquisition firm Bridgetown Holdings Ltd  BTWN.O , but had not
decided on a deal, a source told Reuters on Tuesday.  L4N2IV3DJ 
    Bridgetown, a SPAC backed by Asian tycoon Richard Li and
Silicon Valley billionaire Peter Thiel, raised $595 million in
an upsized U.S. initial public offering in October. 
    It has held talks with other Southeast Asian companies for
prospective SPAC deals, but has yet to complete a merger, said
the source, who declined to be identified as he was not
authorised to speak about the matter.
    Bloomberg earlier reported that Tokopedia could be valued
between $8 billion and $10 billion in such a deal.
    Bridgetown, whose shares jumped 31% after the report, did
not respond to requests for comment.
    Tokopedia, backed by SoftBank Group Corp  9984.T  and
Alibaba Group Holding  BABA.N , declared plans earlier this year
to start preparing for a public listing but is facing increasing
competition from SEA's  SE.N  Shopee, the biggest e-commerce
platform in Southeast Asia.
    Founded in 2009, Tokopedia provides an online marketplace
that allows individuals and businesses in Indonesia to open
their own online stores. 
    According to public documents, Tokopedia is also a major
shareholder in OVO, one of Indonesia's largest e-wallets. 
    

 (Reporting by Fanny Potkin, editing by Louise Heavens)
 ((f.potkin@thomsonreuters.com;))