Indonesian e-commerce firm Bukalapak is planning launch an initial public offering next month, with hopes to raise some US$1.5 billion, according to multiple reports.
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The online marketplace — whose investors include U.S. tech giant Microsoft, Chinese tech company Ant Group and Singaporean sovereign wealth fund GIC — plans to raise between US$1.3 billion and US$1.5 billion, by selling as much as 25% of its capital. It is marketing the shares between US$0.052 and US$0.059, according to Reuters.
Making its debut in the Indonesia Stock Exchange on 6th August, the listing is set to be the Southeast Asian country’s biggest equity listing in more than a decade.
Bukalapak, which means “open a stall”, could be valued at US$6 billion following the IPO, making it the biggest local IPO since 2008.
Founded in 2010, Bukalapak is an online marketplace that enables small and medium enterprises to go online. In the last 11 years, it has expanded to support smaller traditional family-owned businesses, also known and ‘mom and pop stores’.
“Through this IPO plan, we can further strengthen our business network and provide opportunities for small merchants and others in the digital ecosystem,” Chief Executive Officer, Rachmat Kaimuddin said in a statement, obtained by Bloomberg.
In 2020, Bukalapak posted revenues of US$95.8 million and counted 104.9 million registered users on its platform. Indonesia has one of the world’s fastest-growing online shopping sectors. The nation’s e-commerce market is reportedly worth some US$40 billion, but remains highly competitive. Bukalapak competes with international rivals such as Tokopedia, Lazada Group and Shopee.