Indonesia’s Bukalapak raises IPO target to over US$1bil on strong demand

Bukalapak, which counts Singapore sovereign investor GIC and Microsoft among its backers, is set to be the biggest local listing in 13 years and the largest ever by a startup in the country. (Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, June 16, 2021. - Reuters file pic)

SINGAPORE: Indonesian e-commerce firm Bukalapak is targeting to raise more than US$1bil (RM4.15bil) in its initial public offering (IPO), 25% more than previously planned, on indications of strong investor demand for the country’s first tech unicorn listing, two sources familiar with the matter said.

Bukalapak, which counts Singapore sovereign investor GIC and Microsoft among its backers, is set to be the biggest local listing in 13 years and the largest ever by a startup in the country.