Mapping public tech companies in Indonesia (updated)

Update (June 12, 10 am SGT): This article was updated to include some prominent names such as GoTo Group and Blibli. Our previous map of Indonesian public tech companies was published on April 5, 2022.

In the past 14 months, a number of companies have gone public on the Indonesia Stock Exchange (IDX).

In April 2022, homegrown metaverse builder WIR Group raised US$29 million in its initial public offering. Shortly after, tech giant GoTo Group went public with a nearly US$1 billion raise.

WIR’s share price initially outperformed GoTo’s. While the latter’s shares declined by 34% during its first month on the IDX, WIR’s soared by over 350% within the same time period.

According to IDN Financials, WIR stock peaked at 1,250 rupiah (US$0.084) apiece on April 18, 2022. In comparison, GoTo’s highest price was 392 rupiah (US$0.026) on June 13, 2022. However, both have since gone down to trade at similar levels of around 110 rupiah (US$0.007).

Last Thursday, Bloomberg reported that GoTo’s shares had fallen over 60% since its IPO. In a surprise move, Andre Soelistyo said he would resign from his post as CEO, replaced by Northstar Group managing partner Patrick Walujo.

In November, ecommerce major Blibli made its debut on the exchange, raising US$513 million, around half of GoTo’s IPO performance.

However, a significant portion of the funds raised was subsequently utilized to repay bank loans.

A month after Blibli’s IPO, Venteny Fortuna International, a local provider of growth funding and human resource services, embarked on its own journey to the public market and pocketed US$21 million. The company, which has been profitable since 2021, also caters to users from Singapore, the Philippines, and Japan.

While Blibli’s share price peaked at 500 rupiah (US$0.034) on November 14, 2022, Venteny’s climbed to 690 rupiah (US$0.046) on April 3, 2023. As of June 8, Blibli’s share price was the strongest among the four companies previously mentioned.

That said, Indonesian firms trying to pull off IPOs in foreign markets have not seen much luck.