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Roehl Niño Bautista · · 1 min readReport: Bukalapak aims to raise over $1b in its IPO on signs of strong demand
“Indonesian ecommerce firm Bukalapak is targeting raising more than US$1 billion in its IPO, 25% more than previously planned, on indications of strong investor demand for the country’s first tech unicorn listing, ” reported Reuters, citing sources.
Details:
- Bukalapak’s initial public offering will be Indonesia’s biggest in 13 years. It will also likely be the largest-ever listing by any startup in the country.
- The 11-year-old startup, backed by Singapore’s GIC and US-based Microsoft, is expected to be valued at more than US$5 billion. Bukalapak will go toe to toe with regional giants Shopee, Lazada, and Tokopedia in Indonesia’s US$40 billion ecommerce space.
Dive deeper:
- Bukalapak is set to list on the Indonesia Stock Exchange (IDX) on July 29 and began the book building process and roadshow by the end of June.
- Indonesia’s ecommerce penetration is the fourth-highest globally after China, South Korea, and the UK, according to a Momentum Works report.
Editing by Collin Furtado and Arpit Nayak
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