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

The app of Indonesian e-commerce company Bukalapak is seen on a mobile phone next to its logo displayed in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration

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

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 $300 million. That grew to $800 million and then to $1.13 billion last week as investors clamoured for a piece of the company.