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.

Meanwhile, Blibli plans to allocate up to 55 million shares, or 0.31 percent of the IPO shares, to its Employee Stock Allocation (ESA) program at the offering price.

Blibli also has a Management and Employee Stock Option Plan (MESOP), through which its management and employees may exercise stock options to purchase up to 3.66 billion shares, or 2.99 percent of issued shares and paid-up capital following completion of the IPO and the ESA program.

Read also: OJK ups 2022 capital market fundraising target, confirms BliBli IPO

The Financial Services Authority (OJK) recently reaffirmed that Blibli’s long-awaited IPO was proceeding despite an earlier delay.

IDX assessment director I Gede Nyoman Yetna told reporters on Sept. 28 that current IPOs in the pipeline, including those of state-owned enterprises, were expected to raise more than Rp 1 trillion across a variety of sectors, such as energy, financial services and technology.

Separately, analysts told The Jakarta Post earlier this month that Indonesia’s capital markets remained conducive for IPO fundraisings, with local companies looking inward amid the uncertainties caused by the Russia-Ukraine war and the United States Federal Reserve’s rate hikes, which had disrupted the financial markets in many countries.

Both equity financing and debt financing remained attractive options to keep businesses running while mitigating the risks that stemmed from global uncertainties.

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