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Miguel Cordon · · 1 min readReport: Indonesia’s Bukalapak raises $1.5b in country’s largest IPO
“Indonesian ecommerce firm Bukalapak has raised US$1.5 billion in its initial public offering, the country’s largest issue, after pricing it at the top of an indicated price range,” Reuters reported, citing three people briefed on the matter.
Details:
- Two of the sources said order books for Bukalapak’s IPO were multiple times covered. One of the two said the issue saw over US$6 billion in demand.
- The IPO comes as the archipelago’s already strong ecommerce market saw a boost amid the Covid-19 pandemic’s continued spread, the report noted.
Dive deeper:
- Tech in Asia previously reported that Bukalapak intended to list on the Indonesia Stock Exchange in August, beating its rival GoTo in the race to go public. (Read: 9 highlights from Bukalapak’s confidential investor deck)
- GoTo is said to be planning a fundraise ahead of launching its own IPO later this year.
Editing by Jaclyn Tiu
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