Mapping public tech companies in Indonesia

Last year, many prominent tech companies in Indonesia made major moves toward going public. Bukalapak was listed on the Indonesia Stock Exchange in August, while others such as GoTo and Traveloka have also announced plans for a listing.

But Bukalapak is not the first Indonesian tech company to enter public markets. It’s not even the first to do so in 2021: Two cloud computing firms – DCI Indonesia and Indonet – also went public months before Bukalapak did.

Both are noteworthy in their own ways. DCI Indonesia’s IPO was believed to be the world’s best-performing stock market debut after its shares surged over 10,000% on the listing. Meanwhile, Indonet, Indonesia’s first commercial internet service provider, was acquired later in 2021 by Singapore-based data center provider Digital Edge Holdings, through the latter’s Hong Kong subsidiary.

The history of IPOs in the country’s tech scene can be traced back to as early as 1990, when Metrodata Electronics raised about US$700,000 from the public. The company, owned by local conglomerate Ciputra Group, has recorded a 474.8% increase in its stock price over the past five years.

Since then, more than a dozen tech companies have gone public in Indonesia. In this article, we map out the landscape of these companies and track how their stock prices have progressed to date.

Here are their IPO details and current market caps:

At least seven Indonesian companies are eyeing IPOs in 2022. These include GoTo, Traveloka, LinkAja, J&T Express, Tiket, Blibli, and Run System. However, while GoTo’s listing is more or less a done deal, it’s likely that the current global political climate may affect plans. FinAccel, for instance, has dropped its SPAC merger plans due to “unfavorable public market conditions.”

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

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,395 rupiah

A version of this article was originally published by Prisca Akhaya on Tech in Asia Indonesia.