Traveloka Picks JPMorgan for U.S. Listing Via SPAC

Traveloka, Southeast Asia’s biggest online travel startup, has picked JPMorgan Chase & Co. to help it explore a public listing in the U.S. via a special purpose acquisition company, according to people familiar with the matter.

The Jakarta-based firm has held discussions with several SPACs including Provident Acquisition Corp., COVA Acquisition Corp. and Bridgetown Holdings Ltd., according to the people, who asked not to be identified because the talks are private. It was valued at $3 billion in 2017, according to CB Insights.

A listing will allow Traveloka, one of the most valuable startups in Southeast Asia, to take advantage of a boom in the initial public offering market. The surge in share sales has been partly driven by SPACS, which use funds raised from their IPOs to buy a private company that then takes over the stock market listing.

Representatives of Traveloka, JPMorgan and Bridgetown declined to comment, while officials at COVA and Provident weren’t immediately available for comment.

Founded in Jakarta in 2012, Traveloka has expanded across Southeast Asia, making it easier for consumers to book flights and hotels across countries. Like other startups in the region, the company followed a popular playbook of providing multiple products and extending into financial services to complement its travel, accommodation and lifestyle offerings.

The company’s backers include Singapore’s sovereign wealth fund GIC Pte, Expedia Group Inc., Rocket Internet, East Ventures and Richard Li’s FWD Group Ltd. Traveloka Chief Executive Officer Ferry Unardi said in an interview in 2019 that the company is considering an IPO in two to three years.

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