Indonesian e-commerce service Tokopedia will go public within the next three years, with a dual listing in the U.S. and its home market of Indonesia, the company's president Patrick Cao told the Nikkei Asian Review on Jan. 16.
Tokopedia will “definitely [list in] Indonesia,” with a second listing “most likely” to take place in the US, said Cao. “If you want to go for the international investor profile, plus technology expertise and depth in terms of capital, then US [is the best market]. Considering our peer group as well – Alibaba, Amazon – those guys are all listed [in] the US.”
Nuraini Razak, vice president of corporate communications at Tokopedia, confirmed the company’s IPO plans.
“Tokopedia will definitely enter the stock exchange […]. We have already mapped out, planned, and prepared the appropriate arrangements needed for us to enter the stock exchange long in advance,” she told Tech in Asia in an email.
Founded in 2009, Tokopedia is an online marketplace that allows individuals and business owners in Indonesia to open and maintain their stores for free. It became the fourth unicorn in Indonesia in 2018. It previously raised US$1.1 billion in a funding round led by SoftBank Vision Fund and Alibaba Group, pushing its valuation to around US$7 billion.
The startup is also reportedly aiming to raise up to US$1.5 billion in a final private funding round before it goes public. US-based internet companies, as well as existing investors, are looking to participate in the round.
Since Indonesia’s stock exchange is much smaller and less liquid than its global peers, it is reasonable for successful Indonesian startups to have a dual listing, the Nikkei report said.