Ahead of next month’s listing, Indonesia’s Bukalapak has launched an up to $1.13bnn IPO.
This marks the country’s biggest issue in over a decade amid rising investor appetite for tech stocks in a region boasting a growing consumer class, according to a term sheet seen by Reuters.
The e-commerce company, which counts Singapore sovereign investor GIC and Microsoft among its backers, is set to be valued at $5.6bn at the top end of a price range, doubling the company’s valuation from two years ago.
Reuters reported yesterday that Bukalapak, the country’s fourth biggest e-commerce firm, was targeting raising more than $1bn in its IPO, 25 per cent more than previously planned.
