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Blibli bets on ‘omnichannel’ IPO as experts question timing
“In my personal opinion, Blibli will not be so different from Bukalapak or GoTo. I even think they’re somewhat late,” said Indonesian Digital Empowerment Community (IDIEC) chair Tesar Sandikapura.
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Blibli couriers prepare to deliver packages in Jakarta in this undated photo. (Courtesy of Blibli)
B
libli has announced plans to hold an initial public offering (IPO) in early November combined with subsidiaries Tiket.com and Ranch Market, but experts have raised concerns about the listing’s timing.
Blibli said the tripartite listing, under the umbrella of PT Global Digital Niaga, was meant to facilitate an “omnichannel” approach that integrated distribution, promotion and communication.
“[Through the integration], Blibli can keep focus on building trust, offering convenience and adding value for customers, as well as providing a more complete, beneficial and integrated service from every channel and platform in [its] ecosystem,” said Blibli CEO Kusumo Martanto in a public announcement on Tuesday.
Pilarmas Investindo Sekuritas director Maximilanus Nico Demus said the merging of businesses was the right step, as Blibli relied heavily on connections with other services.
“When we speak about technology shares, we are talking about what ecosystem they can offer. Why did Blibli choose omnichannel? It’s to give a better user experience. It is an important point because as an e-commerce firm standing alone, there is no added value,” said Maximilanus.
He added that managing perceptions and expectations was crucial in tech investment, as similar e-commerce start-ups that had listed publicly, such as Traveloka and Bukalapak, had not seen any profit from commerce alone and investors were principally taking future potential into account.
Read also: Bukalapak posts first net profit on unrealized gains for Allo Bank
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