Bukalapak's US$1.1bil IPO - Indonesia's biggest in a decade, all covered on launch day, say sources

SINGAPORE/JAKARTA, July 10 (Reuters): Indonesia's biggest IPO in more than a decade, the billion dollar offering from e-commerce firm Bukalapak, received enough investor orders to cover the sale on its launch day on Friday (July 9), two sources said, reflecting strong appetite for tech stocks.

The listing comes at a time when the pandemic has boosted demand in Indonesia's US$40 billion e-commerce market. Bukalapak has sought to focus on smaller clients as it competes with bigger rivals Tokopedia, Sea Ltd's Shopee and Alibaba's Lazada.