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Indonesia's Bukalapak raises IPO target to $1.5 billion from $1.1 billion -sources


Bukalapak ups IPO to $1.5 billion, set to be largest Indonesian issue
Reuters
17 hrs ago
By Anshuman Daga
SINGAPORE (Reuters) - Indonesian e-commerce firm Bukalapak has increased its IPO size by about a third to $1.5 billion, underscoring hot demand from investors for the country s largest local issue, two sources familiar with the matter said on Friday.
Until a few months ago, Bukalapak, the No.4 e-commerce company and Indonesia s first tech unicorn to launch an IPO, was looking to raise just $300 million. That grew to $800 million and then to $1.13 billion last week as investors clamoured for a piece of the company.
The listing comes at a time when the pandemic has boosted demand in Indonesia s $40 billion e-commerce market. Bukalapak, focuses on micro, small and medium-sized enterprises, as it competes with bigger rivals Tokopedia, Sea Ltd s Shopee and Alibaba s Lazada. ....

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