Aditya Hadi Pratama · · 1 min readIndonesia’s Blibli set to raise $528m in local IPO at $3.5b valuation
Blibli, an Indonesia-based ecommerce firm, is set to raise 8.2 trillion rupiah (around US$528 million) in a local listing slated for November 7 this year. It is the third Indonesian unicorn that is going public on the Indonesia Stock Exchange (IDX), following Bukalapak and GoTo Group.
Blibli CEO Kusumo Martanto / Photo credit: Blibli
The company has set a price range of 410 to 460 rupiah (around US$0.027 to US$0.03) per share. It aims to sell 17.7 billion new shares through the listing, which represents 15% of the firm’s total.
Blibli’s IPO may boost its valuation to around US$3.5 billion.
In a statement, the company said that it will use roughly US$355 million of the fund that it will raise from the IPO to pay its debt to banks. The rest of the money will be used as working capital.
The total amount that Blibli is looking to raise through the IPO is lower than the US$1.5 billion raised by Bukalapak in last year’s listing and the US$1 billion raised by GoTo Group earlier this year.
Founded in 2010, Blibli is backed by local conglomerate Djarum Group. It counts online travel platform Tiket.com and supermarket chain Ranch Market as its subsidiaries.
See also: The leading Asian tech players eyeing an IPO in 2022 and beyond
Currency converted from Indonesian rupiah to US dollar: US$1 = 15,461 rupiah.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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