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Hello reader,
India and Indonesia are alike in a lot of ways, so much so that they could be considered siblings.
As two of the world’s largest democracies, they share economic and social similarities. Both nations boast a large youthful population and a growing middle class. Additionally, India and Indonesia are incredibly diverse in terms of culture, religion, and ethnicity.
There are other similarities. India experienced a 63% decline in VC investment between 2022 and 2023 despite a booming IPO market, a trend evident in Indonesia as well.
In 2023, the Indonesia Stock Exchange witnessed the highest number of tech IPOs in the past seven years amid a decline in the number of VC funding deals.
In this week’s Big Story, my colleague Jofie examines why some Indonesian startups are opting for IPOs to raise funds. This trend is gaining momentum, with the success of notable companies like GoTo Group (GOTO, IDX), Blibli (BELI, IDX), and Bukalapak (BUKA.JK, IDX). However, startups must also be mindful of the risks associated with going public.
— Samreen
THE BIG STORY
Image credit: Timmy Loen
Indonesian startups thirsty for capital flock to IPOs as VC funding dries up
In 2023, the Indonesia Stock Exchange recorded the highest tech IPO count in the past seven years, but the average amount raised plummeted.
3 Trends to keep an eye on
Hot stocks, earnings reports, restructuring, pressure from activist investors, and more.
Photo credit: Shutterstock
1️⃣ More OpenAI alliances in Asia?: In a first-of-its-kind partnership in Southeast Asia, OpenAI has tied up with Grab (GRAB, NDAQ) to build and deploy AI solutions for the the super app’s ecosystem. OpenAI will develop tools for Grab users as well as pilot ChatGPT Enterprise for the company’s employees.
2 Eye-popping facts
The one you didn’t see coming
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