Indonesian e-commerce major Bukalapak considers US listing via SPAC

Bukalapak co-founder and president Fajrin Rasyid.

Bukalapak.com, 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.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter