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Tokopedia Eyes Dual Listing in US & Indonesia in 3 Years

Tokopedia Eyes Dual Listing in US & Indonesia in 3 Years

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.”

Senior Vice President of Engineering Tokopedia Herman Widjaja in Tokopedia Tower, Jakarta, Thursday (31/1). Image: Zaking/JawaPos.com
Tokopedia app. Image: CNBC Indonesia

 

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.

Keterangan Gambar (© Pemilik Gambar)
Senior Vice President of Engineering Tokopedia Herman Widjaja in Tokopedia Tower, Jakarta, Thursday (31/1). Image: Zaking/JawaPos.com

 

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.

 

Tags: #ipo tokopedia
Indah Gilang Pusparani

Indah is a researcher at Badan Perencanaan Pembangunan Penelitian dan Pengembangan Daerah Kota Cirebon (Regional Development Planning and Research Agency of Cirebon Municipality). She covers More international relations, tourism, and startups in Southeast Asia region and beyond. Indah graduated from MSc Development Administration and Planning from University College London, United Kingdom in 2015. She finished bachelor degree from International Relations from University of Indonesia in 2014, with two exchange programs in Political Science at National University of Singapore and New Media in Journalism at Ball State University, USA. She was awarded Diplomacy Award at Harvard World Model United Nations and named as Indonesian Gifted Researcher by Australian National University. She is Researcher at Regional Planning Board in Cirebon, West Java. She previously worked as Editor in Bening Communication, the Commonwealth Parliament Association UK, and diplomacy consulting firm Best Delegate LLC in USA. Less
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