Strong demand: The app of Bukalapak is seen on a mobile phone next to its logo. The company is set to make its market debut next month. — Reuters
SINGAPORE: Indonesian e-commerce firm Bukalapak has raised US$1.5bil (RM6.36bil) in its initial public offering (IPO), the country’s largest issue, after pricing it at the top of an indicated price range, according to sources.
The IPO by Indonesia’s fourth-biggest e-commerce company, which is backed by Singapore sovereign investor GIC and Microsoft among others, comes as Indonesia’s US$40bil (RM169.7bil) e-commerce market is benefiting from strong pandemic-driven demand.
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