Bukalapak surges 25% as Indonesia's largest IPO fuels tech excitement

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

JAKARTA (Reuters) -Shares in Indonesia's first listed tech unicorn, PT Bukalapak.com soared 25% on their market debut on Friday as investors scrambled to get a piece of the country's fourth-largest e-commerce company in a booming sector.

Bukalapak shares closed at 1,060 rupiah ($0.0738) after reaching the 25% limit minutes after opening, with tens of thousands of investors buying shares on online platforms such as Ajaib and Stockbit, after the firm raised $1.5 billion in Indonesia's biggest IPO, valuing it at $6 billion.