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Unleash the unicorns: IDX expects strong market cap growth
The country's bourse expects the IPOs of unicorn start-ups to add just over half a quadrillion rupiah to its market cap as it works to revise its rules to attract more local listings.
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The red-carpeted interior of the Indonesia Stock Exchange (IDX) in South Jakarta is ready to welcome traders on March 24, 2020. (AFP/Adek Berry)
T
he Indonesia Stock Exchange (IDX) has done the math and estimates that the initial public offerings (IPOs) of six homegrown unicorns could contribute Rp 553.9 trillion (US$38.3 billion), or 7.69 percent, to the bourse’s market capital.
Indonesia is home to six unicorns, start-ups valued at more than $1 billion: on-demand transportation and delivery services company Gojek, digital payment platform OVO, online travel and booking agency Traveloka, and e-commerce platforms Tokopedia and Bukalapak, as well as newcomer logistics and package delivery company J&T Express.
“We have also been consulting with centaur companies to prepare [them] and accommodate their needs. Hopefully, they can even go public before becoming unicorns,” IDX assessment director I Gede Nyoman Yetna told a virtual press briefing on Wednesday.
Centaurs, also known as “aspiring unicorns”, are start-ups valued at more than $100 million and below $1 billion, according to Mandiri Capital Indonesia. As of last year, Indonesia has 43 centaurs, including digital payment platform DANA, e-commerce platform Blibli.com and telehealth company Halodoc.
“Based on the start-ups’ valuations, the IDX estimate makes sense,” Indonesian Venture Capital and Startup Association (Amvesindo) chairman Jefri Sirait told The Jakarta Post on Thursday.
“We hope there will be more than six start-ups from various segments that will go public following Bukalapak,” he added, referring to the e-commerce platform that became Indonesia’s first unicorn to go public.
Raising an estimated Rp 21 trillion ($1.5 billion), Bukalapak’s IPO earlier this week is the country’s largest in two decades.
