Jakarta, CNBC Indonesia – The news about the recent mega merger between Tokopedia and Gojek has made stock market players enthusiastic. It is believed that the presence of unicorns and decacorns on the Indonesia Stock Exchange will invite more foreign capital to enter.
Previously, Bloomberg estimated that the potential for a merger between the two had the potential to generate a market capitalization value of US $ 35 billion to US $ 40 billion or a range of Rp 490 trillion – Rp 560 trillion at an exchange rate of Rp 14,000 per US $.
The IPO plan also detected the news that a potential merger between Gojek and Tokopedia was getting closer. Bloomberg previously wrote that the two companies were discussing various scenarios with the ultimate goal of listing an initial public offering (IPO) on the stock exchanges of the United States (US) and Indonesia.
The combination of the two companies will create an Indonesian internet giant that controls the ride-hailing, digital payments, online shopping and shipping sectors.
One of the sources in the article whispered that after the merger, the valuation of this joint company would reach US $ 35 billion to US $ 40 billion. According to CB Insights, currently Gojek’s valuation is US $ 10 billion and Tokopedia’s valuation is US $ 7 billion.
In research published by CLSA Sekuritas, with this market cap, Gojek-Tokopedia’s valuation ranks third after PT Bank Central Asia Tbk (BBCA) with a market cap of IDR 855.53 and PT Bank Rakyat Indonesia Tbk (BBRI) worth IDR 576.03 trillion.
This value is above the share market cap of PT Telkom Indonesia Tbk (TLKM) which reached Rp. 317 trillion.
“Gojek-Tokopedia has the potential to do dual listings on the Indonesian and US exchanges,” the research wrote, quoted by CNBC Indonesia, Tuesday (16/2/2021).
This merger will later strengthen Tokopedia’s logistics capabilities, strengthen the fresh food segment, as a growing segment, and excel in developing B2B businesses with a business portfolio of e-commerce, ride-hailing, food delivery, fintech, and digital banking.
Meanwhile, Head of Research at PT Kresna Sekuritas, Robertus Yanuar Hardy, assessed that the impact of Gojek-Tokopedia’s entry into the domestic capital market would be quite positive in terms of valuation. In this way, this joint venture will also be considered by the stock exchange authority into the LQ45 index.
“Of course this will be one of the bourses’ considerations to include it as a member of the LQ45 index. If so, then there is no need to worry about the absorption rate, because investment managers will of course be obliged to include it in the list of managed stocks,” he told CNBC Indonesia.
Capital market chief and Lecturer at the Bandung Institute of Technology (ITB) School of Business Management, Erman Sumirat also said, from a valuation perspective, the two companies were very large, reaching around US $ 30 billion to US $ 50 billion.
If both of them hold an IPO, the beneficiaries will be private equity and companies that have invested before the IPO.
The amount of funds raised from this corporate action will also not be sufficient if only absorbed domestically, so the option to list shares abroad must be exercised.
“Dual listing can be done domestically and on the NYSE [New York Stock Exchange], “said Erman.
Not only that, if you look at the trend of start-up IPOs in other countries such as Uber, the trend continues to decline after the IPO because fundamentally, especially profitability, has not been sufficiently tested.
Therefore, Erman suggested that public investors who are willing to invest in these stocks should not only see Gross Merchant Value (GMV) as a benchmark, but more in-depth financial fundamentals along with a sustainable business model analysis.
“Retail public investors must look at the prospectus in detail, such as balance sheets, cash flow statements, and profit and loss, even though the prospect and growth of gross merchant value (GMV) of this company is very large. That is the key,” said Erman.
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