Indonesia’s Bukalapak kicks off US$1.1 billion IPO, biggest in more than a decade

SINGAPORE: Indonesia’s Bukalapak launched an up to US$1.13 billion initial public offering ahead of next month’s listing, marking the country’s biggest issue in more than a decade amid rising investor appetite for tech stocks in a region boasting a growing consumer class, according to a term sheet seen by Reuters.

The e-commerce company, which counts Singapore sovereign investor GIC and Microsoft among its backers, is set to be valued at US$5.6 billion at the top end of a price range, doubling the company’s valuation from two years ago.

Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, Jun 16, 2021. (File photo: REUTERS/Willy Kurniawan)

Details of the IPO are currently being announced at an investor briefing.

Reuters reported on Thursday that Bukalapak, the country’s fourth biggest e-commerce firm, was targeting raising more than US$1 billion in its IPO, 25 per cent more than previously planned.

Source: Reuters / CNA

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