Bukalapak ups IPO to US$1.5bil, set to be largest Indonesian issue

JAKARTA, July 18(Reuters): Indonesian e-commerce firm Bukalapak has increased its IPO size by about a third to US$1.5 billion, underscoring hot demand from investors for the country's largest local issue, two sources familiar with the matter have said.

Until a few months ago, Bukalapak, the No.4 e-commerce company and Indonesia's first tech unicorn to launch an IPO, was looking to raise just US$300 million. That grew to US$800 million and then to US$1.13 billion last week as investors clamoured for a piece of the company.