Indonesian e-commerce major Bukalapak considers US listing via SPAC

Bukalapak co-founder and president Fajrin Rasyid., an Indonesian e-commerce company backed by Microsoft Corp., is weighing a US listing via a special purpose acquisition company (SPAC), according to people familiar with the matter.

The company is working with investment banks on the plan and is in preliminary talks with several blank-check companies, the people said, asking not to be identified because the matter is private. Bukalapak could be valued at $4 billion to $5 billion in a potential SPAC merger, the people said. The startup could consider listing a small part of its business in Jakarta before doing a U.S. SPAC deal, they added.

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