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Traveloka books a seat on the IPO trainINTL

Traveloka books a seat on the IPO train

Another day, another SPAC listing!

Traveloka, Southeast Asia’s largest online travel startup is jumping on the IPO bandwagon through a special purpose acquisition company that is to be listed in the US before the end of the year.

The Indonesian startup was recently forced to cut costs and jobs as the travel industry suffered greatly from coronavirus-related restrictions. According to CEO Ferry Unardi, Traveloka’s travel business is now back to profitability.

Last time that startup was valued back in 2017, it was for a whopping $3b.

why it matters
Even though the travel industry is still quite far from recovery, now is as good a time as ever to list in the US amid a surge in IPOs that doesn’t seem to be dying down anytime soon. Other Indonesian startups looking to list this year include ride-hailing firm Gojek and e-commerce platform PT Tokopedia.