According to a term sheet seen by Reuters, Indonesia’s Bukalapak launched an up to US$1.13 billion initial public offering ahead of its listing next month, marking the country’s biggest issue in more than a decade amid rising investor appetite for tech stocks in a region with a growing consumer class. The e-commerce startup, which is backed by Singapore sovereign investor GIC and Microsoft, is expected to be valued at US$5.6 billion at the top end of a price range, more than tripling its previous estimate.
The IPO’s details are currently being revealed at an investor briefing.
According to Reuters, Bukalapak, the country’s fourth largest e-commerce firm, is aiming to raise more than $1 billion in its IPO, which is 25% more than previously expected.
Reuters/dv/dv/dv/dv/dv/dv//n
