Indonesia's Bukalapak increases IPO target to over $1 billion on strong demand - sources

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

SINGAPORE (Reuters) - Indonesian e-commerce firm Bukalapak is targeting raising more than $1 billion in its 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 Southeast Asian country.