Tiket.com Eyes 2015 Stock Listing on Nasdaq

By Vanesha Manuturi on 09:19 pm Feb 20, 2014
Tiket.com would be the first Indonesian company to list its stock solely in the United States. (JG Photo/Safir Makki)

Tiket.com could be the first Indonesian company to list its stock solely in the United States. (JG Photo/Safir Makki)

Jakarta. Tiket.com, an Indonesian online travel agent, aims to hold its initial public offering on the NASDAQ Stock Market next year, joining the ranks of other Asian tech companies trading in the United States.

Tiket.com would be the first online company from Indonesia to offer shares to investors in the US stock market, which has lured other technology-related firms from other nations to raise capital there.

Natali Ardianto, founder and chief technology officer of Tiket.com, said the start-up, which is profitable, has been preparing for the IPO.

“If everything goes well, we plan to hold the IPO next year,” Natali said at IBM’s Smart Cloud and Managed Service event in Jakarta on Thursday.

Proceeds from the IPO will be used to boost the company’s expansion plans, he said.

Natali said the company had talked to two investment banks to help it manage the IPO, though he declined to disclose the names of the banks and terms of the IPO.

Natali also did not provide details on the first-time public stock sale and shareholders of Tiket.com.

Founded in August 2010, Tiket.com allows customers to book airline tickets, train tickets, hotel rooms and rental cars online. It is now one of the fastest-growing online travel booking sites in Indonesia, taking 2,000 to 3,000 transactions per day.

Tiket.com served an average 3,000 transactions, valued at Rp 2 billion ($169,000), per day last year, according to Natali. It is targeting 5,700 transactions per day this year.

“We’ve also been profitable since May last year, as our cash flow is no longer negative,” Natali added.

Tiket.com’s sales surged by 1,300 percent between 2012 and 2013. Airline bookings contributed the most, at 40 percent, Natali said. Booking for hotel rooms and train tickets through the company were the second- and third-biggest contributors to sales.

In Indonesia, its website is listed as Tiket.com.

Since 2011, Indonesian start-ups have attracted investment from wealthy individuals like Martin Hartono, son of Robert Budi Hartono, the head of Indonesian conglomerate Djarum.

Since he started Global Digital Prima Venture in 2010, Martin has been buying majority and minority stakes in some of the country’s emerging websites. He made headlines in January 2011 when GDP Venture acquired a stake in Kaskus, Indonesia’s biggest community website.

Currently, state-owned telecommunication firm Telekomunikasi Indonesia is the only Indonesian company that trades in the United States, on the New York Stock Exchange.

Hon Hai Precision Industry, the Taiwanese high-tech manufacturer better known as Foxconn Technology Group, has its shares trading on technology-laden NASDAQ, which counts Microsoft and Apple as listed firms.

Indonesia is one of the biggest markets for online use, ranking high among users by nation for social media networks such as Facebook and Twitter.