Many Paths to IPO: Delano Musafer & Jennie Dong of NYSE

"I would expect Indonesian IPO's in 2021 and 2022," states Delano Musafer, Head of Asia-Pacific Capital Markets for the NYSE (New York Stock Exchange). Delano is joined in the third episode of our “From Warung to Wall Street” series by his colleague Jennie Dong, Head of SPAC’s at the NYSE. Jennie’s insights are very timely, given recent news that Peter Thiel’s Bridgetown SPAC (special purpose acquisition company) may seek to merge with Indonesia e-commerce stalwart Tokopedia in a ~USD10b deal.  As a follow-on to our October 6th Indo Tekno episode on “The SPAC Opportunity” with Andy Tai of Goldman Sachs, Jennie explains the massive expansion in SPAC's in 2020. SPAC fund-raisings stand at roughly 4X last year levels, and they have moreover raised more than traditional IPO alternative in 2020. Jennie expects SPAC’s to “serve the same purpose in emerging markets” such as Indonesia as they have in the US, “allowing high quality companies to go public through a SPAC business combination.” Jennie views the greater certainty around pricing and valuation that comes with early pricing negotiations, and the opportunity to capture additional financing through a PIPE, as some of the many benefits that have driven a resurgence in attraction to the SPAC by entrepreneurs and investors. The world's largest stock market with USD28 trillion in market cap and USD150b in turnover, the NYSE is the listing venue of 130 Asia-domiciled companies. Yet only two Indonesian companies are currently listed on the NYSE. Delano is optimistic that some of today’s leading Indonesian technology companies will find their way to the NYSE. His most important advice to the aspiring Indo entrepreneur in preparing to list on the NYSE: "Choose good advisors!"  As this is the last Indo Tekno episode of the year 2020, we wish you all a fantastic year-end and a prosperous New Year! Selamat berlibur, semoga tetap aman dan sehat.  Selamat tahun baru! Thank you for listening!(Transkrip Bahasa Indonesia di sini)