Tiket.com Considers Merger with Blibli Before IPO

OTA platform Tiket.com is reportedly considering a merger with E-commerce Blibli to smooth the IPO plan on the Indonesia Stock Exchange (IDX). The news first emerged from the news Bloomberg.

Previous to DailySocial.id, both Tiket.com and Blibli confirm that it is currently valued at more than $1 billion and has entered the ranks unicorn. Until action go public the merger of these businesses could result in a combined valuation of at least $2 billion at the time of the IPO.

"Exploration [to merge with Tiket] is ongoing but no final decision has been made," said the source. Both COVA and Tiket.com representatives declined to comment on the proposed merger. Meanwhile, Blibli representatives have not yet responded to the news.

If this plan is correct, Tiket.com has the potential to merge with PT Global Digital Niaga, which oversees Blibli, before going on the stock exchange -- or creating an entity. holding like GoTo did. Both companies rely on conglomerate Djarum Group to support this IPO.

Previously, Blibli was reportedly working with Credit Suisse Group AG and Morgan Stanley to realize this IPO plan.

Based on previous reports, Tiket.com initially also considered merger with COVA Acquisition Corp with a value of $2 billion. However, according to the latest report Bloomberg, the source said the talks with the blank check company or SPAC were terminated because there was no agreement.

In addition to the SPAC option, Chief Executive Officer George Hendrata is also exploring the traditional IPO option as well as the possibility of a business merger with one of the great app in South East Asia.

Tiket.com officially fully acquired by Blibli which is under the auspices of GDP Ventures. Meanwhile, GDP Venture is a company venturecapital in the digital sector belonging to the Djarum Group. This platform has a network of more than 90 airlines and 2,8 million hotels and other lodgings. 

Blibli.com is a platform E-commerce which relies on B2C, B2B, and B2B2C business models to market various products with more than 100.000 business partners.

Synergy

If this IPO is realized, Blibli will follow PT GoTo Gojek Tokopedia Tbk (GoTo) which go public with the merger option. GoTo officially took the floor on the IDX today, Monday (11/4), and succeeded in obtaining IPO funds of Rp. 15,8 trillion.

In the case of Blibli and Tiket.com, the synergy between the two was already established when the two announced it user account integration and loyalty program on each platform in February 2022. This synergy is claimed to be the first between e-commerce and OTA platforms in Indonesia.

Then, Blibli also partnered exclusively with digital bank "blu", which is also a subsidiary of BCA owned by Djarum Group. Like the collaboration between Tiket and Blibli, this synergy is also claimed to be the first between E-commerce and digital banks.

On a large scale, this merger allows Blibli to execute its main business to win the online and offline market in Indonesia, especially in the MSME segment.

Currently both Tiket.com and Blibli are also participating supported by Observe Fintech Group, one of which is by applying services paylater from Indodana (one of the CFG products). Meanwhile, Cermati has also previously been part of the Djarum Group through strategic investments made. Besides paylater, they have a number of other financial services, including insurtech, aggregator, to open finance.