Indonesian e-commerce company Blibli aims to raise as much as 8.17 trillion rupiah (USD 528 million) in its initial public offering next month, the company’s prospectus said on Monday.
The pioneer in online shopping platforms in Indonesia, founded in 2010, plans to go public on the local stock exchange on Nov 7.
According to the prospectus, Blibli plans to sell as many as 17.77 billion shares, or 15% of its total capital, at a price range of 410 to 460 rupiah (2.6 to 3 cents) per share. The public offering period is set for Nov 1 to 3.
Blibli will join a group of tech companies in Southeast Asia’s largest economy that have listed in recent years. Its rival Bukalapak went public in August 2021, while superapp GoTo, which was formed by a merger between food delivery and ride-hailing company Gojek and e-commerce operator Tokopedia, began stock trading in April this year.
The planned public listing of Blibli comes, however, amid a global market downturn stemming from a host of global concerns, including the Ukraine war and rising inflation. Many growth-driven tech companies have lost market value in recent months, with those in Southeast Asia struggling to make profits.
This article first appeared on Nikkei Asia. It has been republished here as part of 36Kr’s ongoing partnership with Nikkei.