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Blibli aims to raise $530m via IPO in early November
The long-awaited IPO of e-commerce platform Blibli aims to raise around US$530 million when it lists its shares on the Indonesian bourse next month.
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Blibli couriers prepare to deliver shipments, as seen in this undated photograph taken in Jakarta. (Courtesy of Blibli)
B
libli, an e-commerce platform owned by Djarum Group subsidiary PT Global Digital Niaga, aims to raise Rp 8.17 trillion (US$528.24 million) from listing its shares on the Indonesia Stock Exchange (IDX) next month.
In the prospectus it released on Monday, Global Digital Niaga announced that the book building to determine the offering price would run from Oct. 17 to 24, and that the initial public offering (IPO) would be held from Nov. 1 to 3 with an estimated allotment date of Nov. 3.
This would be followed on Nov. 4 by the electronic distribution of shares, and then the IDX listing on Nov. 7 under the ticker symbol BELI.
The e-commerce platform is looking to rake in up to Rp 8.17 trillion by issuing 17.77 billion shares, or 15 percent of the total, at an offering price ranging between Rp 410 and Rp 460 per share.
“In this corporate action, Blibli is cooperating with (affiliate) PT BCA Sekuritas and PT BRI Danareksa Sekuritas” to set the offering price, with “the [IPO] underwriters to be determined later” the prospectus said.
After deducting issuance costs, the platform plans to use approximately Rp 5.5 trillion of the funds raised through the IPO primarily to pay off its debt, specifically outstanding credit facilities.
Global Digital Niaga and its subsidiaries would use any remaining funds as working capital to support Blibli's core business activities and to develop the platform, including but not limited to sales and marketing activities, product development and operational finance, including maintenance costs and other operating expenses, as well as additional supporting facilities, such as technology updates.
