Thursday, February 22, 2024

Bukalapak IPO Increases from $1.1 billion to $1.5 billion

Founded in 2010, Bukalapak, Indonesia’s 4th largest e-commerce company, and the first tech unicorn in Indonesia to launch an IPO is increasing its IPO size from $1.1 billion to $1.5 billion

Initially, the company expected to raise $300 million in its first IPO. However, due to the pandemic that contributed to the rise in demand in the e-commerce market, investors from local and foreign countries, including sovereign wealth funds, are clamoring to own a piece of the pie.

According to an unnamed source, the IPO is likely to be priced at the top end of its price range of 750 and 850 rupiah apiece.

Bukalapak is expected to go public on August 6, kicking off a sluggish IPO market in Southeast Asia’s largest economy.

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