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PayPal co-founder Peter Thiel and Hong Kong investor Richard Li are emerging as frontrunners with their Bridgetown Holdings venture to help this fast-growing travel startup finally list.

Traveloka is planning to raise between $200 million and $400 million from investors, as part of a plan to go public through merging with a special purpose acquisition company, according to Bloomberg.

The fundraising, a private investment in public equity, would be part of a deal to merge the super app startup with Bridgetown Holdings, the so-called SPAC set up by Richard Li and Peter Thiel, the report added. It could value the combined entity at $5 billion.

Bridgetown raised almost $600 million in an initial public offering in October.

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Traveloka chief operating officer Alfan Hendro said the company would be going public “soon” during a Skift Live event in February, with proceeds going towards expanding into other markets beyond Indonesia and Southeast Asia.

The news marks the latest in a frenzy of SPAC deals, with rental management company Vacasa announcing it would merge with TPG Pace Solutions at the end of last month.

A representative for Traveloka declined to provide comment to Bloomberg.

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Tags: indonesia, spac, Traveloka

Photo credit: Traveloka headquarters in Jakarta, Indonesia. Traveloka

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