Indonesia e-commerce group Blibli plans $528 million IPO

Jakarta, The Gulf Observer: Indonesian e-commerce group Blibli, backed by of one of the country’s biggest conglomerates Djarum Group, plans to launch an initial public offering next month to raise as much as 8.17 trillion rupiah ($528.29 million), the company said.

Blibli’s operator PT Global Digital Niaga plans to sell as many as 17.77 billion shares, 15% of total capital, at a price range of 410 rupiah to 460 rupiah apiece in a share sale offering set for November 1-3, Reuters reported.

The listing plan follows the $1.1 billion IPO of GoTo Group, Indonesia’s biggest tech firm, earlier this year and the 2021 $1.5 billion IPO of competitor BukaLapak.

Blibli will use 5.5 trillion rupiah of the proceeds to pay back bank loans, with the rest to be used as working capital to develop its platform.