Two people familiar with the matter in Singapore (Reuters) said that Indonesian e-commerce company Bukalapak is aiming to raise more than $ 1 billion in its initial public offering, which is 25% more than previously anticipated. first technological innovation Demand for listing for Horned Beasts is strong. Supporters of
Bukalapak include Singaporean sovereign investor GIC and Microsoft. This will be the largest local listing in 13 years and the largest listing ever for a startup in a Southeast Asian country.
The target size of the extended initial public offering (IPO) shows that investors are eager to purchase relatively rare technology industry products in a region with a growing consumer class.
also emphasizes the company’s desire for capital when seeking rapid growth. Regional ride-sharing payments company Grab and a US special-purpose procurement company reached a record $ 40 billion merger to go public in the United States.
Bukalapak IPO ledgers will be open for about 10 days this week and will be listed in August. The sources who declined to be identified said they have no right to speak to the media.
Sufintri Rahayu, vice president of corporate affairs for Bukalapak, was asked about the listing.
Reuters reported last month that depending on investor needs and market conditions, the IPO may raise between $ 500 million and $ 800 million. According to 4,444 sources, this 11-year-old startup may be valued at more than $ 5 billion, double its valuation two years later, and it will sell around 20% of its shares in the IPO.
They said that investor demand mainly comes from local and regional funds, and US investors who are concerned about new technologies are also interested.
The largest economy in Southeast Asia with a population of 270 million is one of the fastest-growing online shopping industries in the world. Like any other place, this industry has risen from the COVID19 pandemic.
Bukalapak, in Bahasa, means to open a kiosk in the market, followed by Tokopedia and Shopee by Sea Ltd in Indonesia’s $40 billion e-commerce market (measured by the total value of goods) And Alibaba’s Lazada.
‘s listing preceded the planned initial public offering of GoTo, Tokopedia’s combined entity, and travel and payment company Gojek. According to sources, GoTo plans to raise at least US$2 billion in preIPO funds in the next few months and will subsequently be listed in Indonesia.
“If Bukalapak succeeds in its IPO, it will increase the confidence of other unicorns to list in Indonesia,” said Iqbal Darmawan, partner at law firm HHP Jakarta. Refinitiv data shows that the debut of the
Bukalapak and GoTo program will fuel Indonesia’s sluggish IPO market, which has been further affected by the pandemic, with the total value raised through IPOs reduced by more than half in 2020 to $ 470 million.
So far this year, the number of listings has halved compared to 2020, but the elevated value has increased to US $ 603 million.
“Due to the sheer size of the transaction, technology IPOs attract large funds and similar types of investors,” said Darmawan.
Bukalapak’s other investors (they said it has more than 100 million users) include the investment arm of local media group Emtek and Standard Chartered Bank.
(information from Anshuman Daga; additional information from Gayatri Suroyo in Jakarta; Muralikumar Anantharaman edition)


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