Why Is BTWN Stock Trading Higher Today?

Author: Anusuya Lahiri | April 08, 2021 02:30pm

• Indonesia-based tech startups have been in the news recently. As Indonesia supports dual listing for unicorn IPOs, many companies are looking to go public via SPAC mergers in the U.S.
• Based on a recent report, Indonesian online travel startup Traveloka was looking to go public via SPAC merger.
• SoftBank Group Corp (OTC: SFTBF) (OTC: SFTBY)-backed Singapore's ride-hailing and financial services startup Grab is set for a U.S. public listing through Altimeter Capital's SPAC Altimeter Growth Corp (NASDAQ:AGC), in a deal valued at $35 billion by as early as this week.
• Indonesian ride-hailing and e-commerce platforms Gojek and PT Tokopedia set merger terms before listing in Jakarta and the U.S. as per this Bloomberg report.
• Traveloka's plans were in line with its new post-paid travel options capitalizing on the business recovery from easing restrictions and vaccinations. The pandemic-ravaged travel industry has facilitated fund collection at a cheaper valuation.
• Billionaires Richard Li and Peter Thiel backed SPAC Bridgetown Holdings Ltd (NASDAQ: BTWN) is contemplating a possible merger with SoftBank-backed PT Tokopedia, at $8 to $10 billion valuations, based on this Bloomberg report.
• With Grab's SPAC merger on the cards, is the market estimating the Bridgetown-Tokopedia deal to go through soon? Both Grab and Tokopedia have SoftBank as one of their backers.
• Price action: BTWN shares traded higher by 5.09% at $11.35 on the last check Thursday.

Posted In: AGC BTWN SFTBF SFTBY