IDX exec says Traveloka could be country’s first unicorn to list locally

People walk past a statue of a bull as they enter the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia. Photographer: Dimas Ardian/Bloomberg

Speculation about Indonesian online travel unicorn Traveloka‘s IPO plans was set off after an Indonesia Stock Exchange (IDX) executive said it could be the first unicorn to go public on the local bourse.

IDX listing director I Gede Nyoman Yetna told reporters that Traveloka executives had been discussing a potential IPO with the bourse but declined to share any further details.

For context, GOJEK executives were reported to have met with IDX officials in March last year for a similar discussion. A year later, a listing does not appear to be on the horizon for the ride-hailing and payments firm.

Traveloka remained non-committal in its response to IPO queries, saying there was no short-term plan to list its shares on the IDX. “Going for an IPO is a positive corporate action for the company, but currently we are still focusing on developing our platform,” Traveloka public relations director Sufintri Rahayu said in a statement.

Over the past few years, the Indonesian government and IDX have been encouraging startups to adopt the IPO route. IDX, on its part, has already undertaken a few initiatives to incorporate changes in the listing regulations.

The bourse now allows small companies that have at least 5 billion rupiah ($354,485) in net tangible assets, net income of around 1 billion rupiah and 100 billion rupiah in market capitalization to list their shares on the IDX.

The Indonesian government anticipates the startup ecosystem to spawn as many as 1,000 tech enterprises by 2020, with a combined value of around $10 billion.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.