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Blibli weighs initial public offering after rival Bukalapak
Indonesia Stock Exchange (IDX) assessment director I Gede Nyoman Yetna said on Thursday that the local bourse had not received any information directly from the company.
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nline marketplace Blibli is reportedly in the early stages of planning for an initial public offering (IPO) in Indonesia, just weeks after rival Bukalapak was listed on the Indonesia Stock Exchange (IDX).
PT. Global Digital Niaga, better known as Blibli, is said to be working with investment banks Credit Suisse Group AG and Morgan Stanley on its stock market debut, which is predicted to happen as early as next year, sources told Bloomberg.
“In regards to the Blibli IPO, we have yet to receive information directly from the company,” IDX assessment director I Gede Nyoman Yetna said on Thursday. “We definitely welcome this IPO plan, and we are ready to discuss with the company’s owner, founders and management board.”
Blibli CEO Kusumo Martanto recently claimed that the company had reached unicorn status, meaning it was valued at more than US$1 billion.
The IDX has been trying to accommodate the entry of start-ups into stock market as the exchange seeks to add Rp 553.9 trillion (US$38.3 billion) to its market cap from six unicorn IPOs, excluding Blibli.
Read also: Unleash the unicorns: IDX expects strong market cap growth
Blibli public relations vice president Yolanda Nainggolan said the company could not comment on “rumors and speculations”.
“We are very open to options that can accelerate our ecosystem development,” she told Kontan.co.id. “That is why we are still operating with our existing funding model.”
Established in 2011, Blibli is backed by Indonesian conglomerate Djarum Group, which also has businesses in the cigarette industry and banking.
According to iPrice, Blibli was Indonesia’s fifth-most popular e-commerce platform in the first quarter of the year, preceded by Tokopedia, Shopee, Bukalapak and Lazada.
Blibli’s plan to become a publicly listed company came amid a flurry of news reports this year that Indonesian unicorns were planning to go public either at home or abroad.
Recently, e-commerce firm Bukalapak became the first unicorn to debut on the IDX. The IPO raised $1.5 billion, the greatest amount in IDX history.
