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Indonesia s Tech Pioneer Raises $1 5 Billion Through IPO To Battle E-Commerce War

Indonesia s Tech Pioneer Raises $1 5 Billion Through IPO To Battle E-Commerce War
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E-commerce firm Bukalapak prices Indonesia s biggest IPO at top end - sources

2 Min Read FILE PHOTO: Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, June 16, 2021. REUTERS/Willy Kurniawan SINGAPORE (Reuters) - Indonesian e-commerce firm Bukalapak has raised $1.5 billion in its initial public offering, the country’s largest issue, after pricing it at the top of an indicated price range, three sources familiar with the matter said on Wednesday. The IPO by Indonesia’s fourth-biggest e-commerce company, which is backed by Singapore sovereign investor GIC and Microsoft among others, comes as Indonesia’s $40 billion e-commerce market is benefiting from strong pandemic-driven demand. Two of the sources said order books for the IPO, the first by an Indonesian tech unicorn, were multiple times covered, with one saying the issue received more than $6 billion of demand.

E-commerce firm Bukalapak prices Indonesia s biggest IPO at top end: Report

By Anshuman Daga and Scott Murdoch SINGAPORE (Reuters) - Indonesian e-commerce firm Bukalapak has raised $1.5 billion in its initial public offering, the country s largest issue, after pricing it at the top of an indicated price range, three sources familiar with the matter said on Wednesday. The IPO by Indonesia s fourth-biggest e-commerce company, which is backed by Singapore sovereign investor GIC and Microsoft among others, comes as Indonesia s $40 billion e-commerce market is benefiting from strong pandemic-driven demand. Two of the sources said order books for the IPO, the first by an Indonesian tech unicorn, were multiple times covered, with one saying the issue received more than $6 billion of demand.

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