Bukalapak targets US$1.5b in biggest Indonesia IPO

Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, June 16, 2021. REUTERS/Willy Kurniawan/Files

JAKARTA: Online marketplace Bukalapak aims to raise as much as 21.9 trillion Indonesian rupiah ($1.5 billion) in an initial public offering, the first of Indonesia’s tech unicorns to tap the country’s stock market.

Bukalapak plans to offer about 19.3 billion shares at 750 to 850 rupiah apiece, raising about $1.1 billion, according to terms of the deal obtained by Bloomberg News. The e-commerce giant would be valued at about $5.6 billion. It also set an over-allotment or greenshoe option that could take the total shares issued to a maximum 25.77 billion shares.