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Blibli to acquire Ranch Market operator
E-commerce platform Blibli has opted for a back-door listing by signing an agreement to acquire a majority stake in supermarket operator PT Supra Boga Lestari.
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Blibli couriers prepare packages for delivery in Jakarta in this undated photograph. (Courtesy of Blibli)
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-commerce platform Blibli has signed an agreement to acquire a majority stake in publicly listed supermarket operator PT Supra Boga Lestari as it pursues a back-door listing.
Supra Boga Lestari, which operates the Ranch Market grocery chain, announced on Thursday that 797.9 million of its shares, 51 percent, would be acquired by PT Global Digital Niaga, the entity behind Blibli.
“As a commitment to accelerated business and ecosystem development, we have signed a binding share purchase agreement [PPPS] with PT Supra Boga Lestari,” Blibli CEO and cofounder Kusumo Martanto said in a press statement.
Blibli had reportedly been in talks with investment banks Credit Suisse Group and Morgan Stanley for an initial public offering (IPO) that was predicted to happen next year and would have been the country’s second e-commerce IPO after Bukalapak debuted on the Indonesia Stock Exchange (IDX) in August.
Read also: Blibli weighs initial public offering after rival Bukalapak
Supra Boga Lestari, listed on the IDX under the ticker code RANC, saw its shares rise 10 percent to Rp 2,420 (7 US cents) apiece on Thursday.
The acquisition is estimated to be valued at more than Rp 1.76 trillion based on Wednesday’s closing price.
