Tiket.com Confirms the Unicorn Status, Considering IPO through SPAC on the NYSE

Tiket.com is exploring the potential to go public on the New York stock exchange through SPAC. According to a Bloomberg report, the company is in discussions with COVA Acquisition Corp. (COVA), with an estimated of $2 billion combined value of the companies. The company is also said to consider raising an additional $200 million through the PIPE scheme.

The representative of Tiket.com has confirmed the unicorn status. He ensured that the company is exploring the potential to go public.

"Regarding that, we can now confirm that Tiket.com is now a unicorn, and Tiket.com plans for an IPO in the future," a spokesperson for Tiket.com said.

Tiket.com was founded in 2011 and acquired by the Djarum Group through Blibli in 2017. Currently, both are operating as separate legal entities (PT), therefore, it is possible whether Tiket.com run for an IPO first.

Tiket.com founders are Mikhael Gaery Undarsa (CMO), Wenas Agusetiawan, Dimas Surya Yaputra (CCO), and Natali Ardianto (CTO - already exited). George Hendrata currently serves as Tiket.com's CEO.

In April 2021, Tiket.com's Co-Founder & CMO Gaery Undarsa stated at the media gathering that airline ticket sales has increased by 331%, while hotel reservations increased by 321%.

The positive result was obtained amidst various restrictions due to the pandemic.

Previously, several unicorn startups had planned to go public through SPAC, including Traveloka, which is Tiket.com's closest competitor. Other unicorns also  rumored to conduct an IPO, including GoTo (Gojek and Tokopedia) and Bukalapak. In addition, the MNC conglomerate's OTT business unit has chosen a similar step.

–Original article is in Indonesian, translated by Kristin Siagian