Waresix unit WBSA lists in Indonesia's first 2026 IPO

One of Waresix’s subsidiaries, under the ticker WBSA, has listed on the Indonesia Stock Exchange, marking what the investor said was the first IPO of 2026.

Waresix is an Indonesian logistics startup that the investor first backed in 2017, when the company was still called BSpace.

The investor said more than 913,000 investors placed orders through the e-IPO platform, with demand reaching 386.86 times the shares on offer. The stock rose 34.52% on debut and hit the upper limit, triggering a trading halt for the rest of the day.

🔗 Source: Willson Cuaca

🧠 Food for thought

Implications, context, and why it matters.

This IPO is a reshuffle, not a cash hunt

Waresix listed PT BSA Logistics Indonesia Tbk (WBSA) since it runs a more mature, asset-backed business model, so it fits public markets better than other group entities 1.
Over 70% of the 302.4 billion rupiah (US$19.1 million) in proceeds will go to buying PT Bermuda Inovasi Logistik, an affiliated company, rather than funding expansion 1.
The deal pulls logistics assets into the listed company. PT Bermuda Inovasi Logistik and WBSA share the same ultimate beneficial owners, meaning the individuals who control the firms, Andree Susanto plus Edwin Wibowo 1.
Waresix also operates through its Singapore-incorporated entity Tiga Beruang Kalifornia Pte. Ltd., which has minority backing from Jungle Ventures, East Ventures, Tiger Global, Temasek-linked vehicles, plus SBVA 1.

A Southeast Asia exit route takes shape

The listing offers a path for tech companies to surface value by floating mature, asset-backed units instead of the full parent group 1.
Investors call it the first initial public offering on the Indonesia Stock Exchange in 2026. It comes after capital market volatility since early this year, so the market response could sway other local listings 1.
Trading on day one leaned domestic. Foreign buy activity was zero at the close, per Stockbit data cited by IDNFinancials 2.
For venture-backed firms across Southeast Asia, the approach can deliver partial liquidity plus consolidation without a parent-level IPO.