Indonesian e-commerce firm Blibli, backed by conglomerate Djarum Group, plans to launch an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) next month to raise up to 8.17 trillion rupiah (US$528.29 million). -dollars), Reuters reported on Monday.
Blibli’s operator, PT Global Digital Niaga, plans to sell up to 17.77 billion shares, 15 percent of total capital, at a price of 410 rupiah to 460 rupiah apiece in a share sale offering scheduled for April 1-3. The company announced in a prospectus that it is scheduled for November.
The IPO plan follows the $1.1 billion IPO of GoTo Group, Indonesia’s largest tech company, earlier this year and BukaLapak’s $1.5 billion IPO in 2021.
Blibli will use 5.5 trillion rupiah of the proceeds to repay bank loans, with the remainder to be used as working capital to develop its platform.
Founded in 2011, Blibli.com said it was an e-commerce platform built on a big dream: to make Indonesians step into a new digital lifestyle and provide only the best shopping experience for a better life. The company said it aims to become the #1 e-commerce platform in Indonesia by providing the best customer-centric experience for both buyers and sellers. Djarum is one of the largest cigarette manufacturers in Indonesia.
Indonesia’s GoTo raises $1.1bn in IPO
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