Blibli shares up by 2% in initial trading to hit $3.5b valuation

Blibli, an Indonesia-based ecommerce firm, has officially listed on the Indonesian stock exchange (IDX) under the ticker symbol BELI. It’s the third unicorn listed on the local bourse after Bukalapak and GoTo.

Blibli chief executive Kusumo Martanto / Photo credit: Blibli

Minutes after the market was opened, Blibli’s stock rose almost 5% to 472 rupiah (around US$0.03) apiece from its initial public offering price of 450 rupiah (US$0.029).

At the time of writing, this has gone down to around 460 rupiah (US$0.029), which is around a 2% bump from the initial price, putting the firm’s valuation at around US$3.5 billion.

The company raised roughly US$510 million in the financial debut by selling more than 17.8 billion shares, representing 15% of its enlarged share pool.

In a statement, Blibli said that the share offer was oversubscribed by 1.6x. In comparison, Bukalapak’s IPO was oversubscribed by 8.7x, while GoTo’s was 15.7x oversubscribed.

See also: The leading Asian tech players eyeing an IPO in 2022 and beyond

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.

The firm will use around US$355 million of the funds it raised from listing to pay its debts to banks. The rest will be used as working capital.

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,680 rupiah.