E-commerce company Bukalapak costs Indonesia’s best IPO at best finish – assets By Reuters

© Reuters. FILE PHOTO: Logo of Bukalapak, an Indonesian e-commerce company, is noticed outdoor its headquarters in Jakarta, Indonesia, June 16, 2021. REUTERS/Willy Kurniawan

By Anshuman Daga and Scott Murdoch

SINGAPORE (Reuters) – Indonesian e-commerce company Bukalapak has raised $1.5 billion in its preliminary public providing, the rustic’s biggest factor, after pricing it on the best of an indicated worth vary, 3 assets acquainted with the topic stated on Wednesday.

The IPO by way of Indonesia’s fourth-biggest e-commerce corporate, which is subsidized by way of Singapore sovereign investor GIC and Microsoft (NASDAQ:) amongst others, comes as Indonesia’s $40 billion e-commerce marketplace is profiting from robust pandemic-driven call for.

Two of the assets stated order books for the IPO, the primary by way of an Indonesian tech unicorn, had been a couple of occasions coated, with one pronouncing the problem won greater than $6 billion of call for.

The assets requested to not be known as they weren’t permitted to publicly communicate in regards to the topic.

Bukalapak declined to remark.

Until a couple of months in the past, Bukalapak was once having a look to boost simply $300 million. That grew to $800 million after which to $1.5 billion final week as buyers clamoured for a work of the corporate, Reuters reported prior to now.

Bukalapak has priced its IPO on the best of its 750 and 850 rupiah apiece indicated worth, with the corporate valued at more or less $6 billion, the assets stated. Bukalapak is ready to make its marketplace debut subsequent month.

Bukalapak specializes in micro, small and medium-sized enterprises, because it competes with larger competitors Tokopedia, Sea Ltd’s Shopee and Alibaba (NYSE:)’s Lazada, in Southeast Asia’s biggest financial system.

Bank of America (NYSE:) and UBS are the joint world coordinators and bookrunners with Mandiri.

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