<article>A 25-years-old experienced equity sales in the investment banking industry desires to buy the local giant tech Gojek and Tokopedia through the secondary market, driven by the report that two Indonesian tech giants plan to merge and have a dual-listing IPO in Indonesia and the US.
She revealed to DealStreetAsia that she&#8217;s willing to spend $ 4 million in funds. Still, she had difficulty getting the companies&#8217; shares, which will be expected to be the biggest IPO in Indonesia this year.</article>

A 25-years-old experienced equity sales in the investment banking industry desires to buy the local giant tech Gojek and Tokopedia through the secondary market, driven by the report that two Indonesian tech giants plan to merge and have a dual-listing IPO in Indonesia and the US.
She revealed to DealStreetAsia that she&#8217;s willing to spend $ 4 million in funds. Still, she had difficulty getting the companies&#8217; shares, which will be expected to be the biggest IPO in Indonesia this year.
&#8220;I&#8217;m looking for people who want to sell the shares. The shares will be my first private sector investment if I can get this,&#8221; she said.
Meanwhile, Alexander Rusli, an active angel investor in some Indonesian early-stage startups, isn&#8217;t interested in buying shares as the price will be very expensive at the late stage.
During the merger process and IPO discussion between the two Indonesian tech giants, the demand to buy Gojek and Tokopedia shares have inclined in the secondary market compared to last year before the companies were reported to merge and have the IPO.
Tokopedia and Gojek discuss some options to ultimately list the combined entity in Jakarta and the US, with a target valuation between $35 billion and $ 40 billion, Bloomberg reported.
&#8220;The transaction [of both shares] in the secondary market has shrunk. Previously, people used to buy a 20-25% discount for Tokopedia&#8217;s shares and 40% for Gojek shares in the secondary market. Now, it was only 5-10% discount for both prices,&#8221; a source who asked not to be identified as a sensitive matter.
According to the latest corporate filings in Indonesia unearthed by DealStreetAsia learned, there was unchanged between the shareholders and its total ownership in Gojek&#8217;s cap table from January 2021 to February 2021. Meanwhile, two changes occur in Tokopedia&#8217;s cap table. The first one, SBI Holdings, added more shares from Rp 8,8 million to Rp 84,8 million ( from $616 to $5,937) in Series A shares by absorbing the shares from SBI ADVANCED TECHNOLOGY NO.1 INVESTMENT LPS.
Another thing is MAJAPAHIT TECHNOLOGY CAPITAL LTD which became the new shareholders in the e-commerce platform. The Special Purpose Vehicle (SPV) bought new 581 A series shares (0.01% from total A series) and new 3,845 I series shares (0.68% from the sum I series), with a total valuation of Rp 385,08 million ($26,981).
Harold Ong, Partner at Singapore&#8217;s Indies Capital Partners, which manages Indies Pelago Investments, the secondary tech fund in Southeast Asia, revealed that the secondary market would be more massive and dominated by the unicorns.
&#8220;There will be more deals. As the tech ecosystem continues to mature, there is a greater need for intermediate liquidity,&#8221; Ong said.

As Gojek and Tokopedia prepare for IPO, high demand occurs in secondary market

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As Gojek and Tokopedia prepare for IPO, high demand occurs in secondary market

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