(Bloomberg) — Tiket.com, an Indonesian online travel booking company, is considering a merger with e-commerce platform Blibli after talks with a blank-check company fell through, according to people familiar with the matter.
The travel firm could join with PT Global Digital Niaga, as Blibli is formally known, ahead of a planned initial public offering in Jakarta, the people said. A first-time share sale for the combined firm could raise about $1 billion, they said, asking not to be identified as the information is private. Both companies count Indonesian conglomerate Djarum Group as a backer.
Tiket was considering going public through a merger with a special purpose acquisition company. The startup’s discussions with COVA Acquisition Corp. have ended, the people said.
Deliberations are ongoing and no final decisions have been made, the people said. Representatives for COVA and Tiket declined to comment, while representatives for Blibli didn’t immediately respond to requests.
The potential tie-up comes as Indonesian startups turn to the country’s IPO market despite malaise in the rest of the world. Blibli would join GoTo Group, the country’s largest tech company, which raised $1.1 billion in an IPO last month and is set to start trading on Monday.
Along with the option of a potential SPAC merger, Tiket was also exploring a traditional IPO as well as possibly combining with one of the Southeast Asian super apps, Chief Executive Officer George Hendrata told Bloomberg TV last May.
Tiket was founded in 2011, and was acquired in 2017 by Djarum Group. Tiket’s platform lets consumers buy tickets for flights and trains as well as hotel rooms and events such as concerts. It has a network of more than 90 airlines, 2.8 million hotels and other lodgings.
Blibli is working with Credit Suisse Group AG and Morgan Stanley on its planned IPO, Bloomberg News has reported. Founded in 2011, Blibli is an online mall for goods including electronics and lifestyle products, and collaborates with more than 100,000 business partners, according to its website.
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