Hong Kong billionaire Richard Li-backed SPAC in early talks to invest in Indonesian e-commerce giant Tokopedia
- Richard Li and Peter Thiel-backed blank-cheque company Bridgetown Holdings listed on Nasdaq in October and raised US$595 million
- Tokopedia said it has hired advisers and is considering advancing its plans to go public
Late Wednesday, Tokopedia said it was considering accelerating its plans to go public as its business growth had increased since the coronavirus pandemic. The company previously said it was considering an initial public offering within three years. The company has hired Morgan Stanley and Citigroup as advisers.
“[A] SPAC is a potential option that we could consider, but that we have not committed to anything at the moment,“ a Tokopedia spokesman said.
Bridgetown is also in talks with other unicorns – privately-owned companies worth more than US$1 billion – across Southeast Asia about possible investments. It is hunting for fast-growing new economy companies spanning industries such as technology, financial services and media. The targets are also likely to be “national champions”, leaders in their fields that have already laid out a path to profitability.
Founded in 2009, Tokopedia has already raised US$2.9 billion in funds, according to data from Crunchbase, from investors that include Softbank, Post owner Alibaba Group Holding, Google and Singaporean wealth fund Temasek Holdings.