Retail in Asia

In Markets

Indonesian E-Commerce Bhinneka Eyes IPO in 2018

Bhinneka Mentari Dimensi, the company behind online store and marketplace, set eyes on a 2018 initial public offering at Indonesia Stock Exchange in order to further expand its business, chief executive officer Hendrik Tio said on Tuesday (23/02).

The move would mark a crucial milestone for Bhinneka, which started as a brick-and-mortar supplier of computers and peripherals in 1995. The 1998 Asia financial crisis hit the company hard and forced the company to start selling via the Internet in 1999.

Bhinneka said — after securing Rp 300 billion ($22 million) from local venture capital firm Ideosource in November last year — that it would like to become the first e-commerce company to lists its share at IDX.