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Officially going public, Blibli marks second biggest IPO on IDX this year
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BlibliMart Store from Blibli.com uses cashless and cashierless shopping system, with shopkeepers ready to assist customers and check their purchases after the payment is made. (JP/Moch. Fiqih Prawira)
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libli was officially listed on the Indonesia Stock Exchange (IDX) on Tuesday and it performed relatively well on the primary share offering for domestic investors and qualified institutional international buyers.
Using the ticker “BELI”, the e-commerce firm backed by conglomerate group Djarum listed at Rp 450 (3 US cents) per share, a figure near its ceiling price of Rp 460.
BELI’s initial public offering (IPO) is the fifth-biggest listing ever on the IDX, although it is only the second-biggest this year.
“Today marks the beginning of a historic journey for Blibli. By being officially listed on the IDX, we are getting closer to our vision of becoming the leading and most trusted omnichannel platform in commerce and lifestyle,” said Blibli CEO and cofounder Kusumo Martanto.
The company maximized the shares offered in the IPO at 15 percent of its post-IPO capital, which brought the IPO gross to Rp 8 trillion. As discussed in its press release, the freshly acquired capital will be used to pay off the company’s debt as well as to strengthen its business.
Read also: Blibli aims to raise $530m via IPO in early November
According to a statement released by the company, Blibli is the only internet unicorn in Asia-Pacific to be listed since May. It also claimed to be the second-biggest internet unicorn in APAC to go public this year, with a market capitalization of Rp 53.3 trillion.
Blibli claimed that “investor enthusiasm” had resulted in an oversubscription of 4.4 times the pooling portion, which caused an increase from the 2.5 percent pooling portion to 5 percent from all issues.
“With BELI shares traded on the IDX, we hope that can increase investor confidence in the Indonesian technology sector, as well as having a positive effect on the digital economy in the country,” said Blibli president commissioner Martin Basuki Hartono,
Read also: Blibli bets on ‘omnichannel’ IPO as experts question timing
Blibli claimed that this IPO was supported by and attracted strong interest from various domestic and international investors, among which were sovereign wealth funds, long-only funds, multi-strategy funds and private wealth management.
Blibli went public together with its subsidiaries Tiket.com and Ranch Market and the tripartite listing stood under the umbrella of PT Global Digital Niaga.
This move was meant to facilitate an “omnichannel” approach that integrated online and offline distribution, promotion and communication.
