Skip to content
  • All News
  • Regional News
    • Southeast Asia News
    • South Asia News
    • Northeast Asia News
    • Australasia News
  •   Awards
  • Events
    • All Events
    • Southeast Asia Events
    • South Asia Events
    • Middle East Events
    • Northeast Asia Events
    • Australasia Events
    • Past Events
  • Our Story
  • Contact Us
Menu
  • All News
  • Regional News
    • Southeast Asia News
    • South Asia News
    • Northeast Asia News
    • Australasia News
  •   Awards
  • Events
    • All Events
    • Southeast Asia Events
    • South Asia Events
    • Middle East Events
    • Northeast Asia Events
    • Australasia Events
    • Past Events
  • Our Story
  • Contact Us
Member Login
Login
Southeast Asia News

GIC-backed Bukalapak launches largest IPO in a decade

Indonesian e-commerce firm Bukalapak has launched an up to $1.13 billion IPO ahead of next month’s listing.

This listing marks Indonesia’s biggest public issue in over a decade and signals an increasing investor appetite for tech stocks in the region boasting a growing consumer class, according to a report by Reuters.

Details of the IPO are currently being announced at an investor briefing, Reuters added.

The e-commerce company counts Singapore sovereign investor GIC and Microsoft among its backers, is set to be valued at $5.6 billion at the top end of a price range, doubling the company’s valuation from two years ago.

Recently, E-gogo Holdings Limited (“E-gogo”), a leading e-commerce enabler signed a Memorandum of Understanding (“MoU”) with the Hong Kong Trade Development Council (“HKTDC”) to help Hong Kong companies enter the Indonesian market via the e-commerce route.

The MoU includes a six-month trial programme which involves both entities to enable launching of selected products on suitable online marketplaces in Indonesia, company officials said.

Based on the e-Conomy Southeast Asia 2020 Report by Google, Temasek and Bain & Company, the Internet economy remains resilient at US$100 billion gross merchandise value despite the global slowdown.

A study by management consulting firm Redseer showed that the country’s e-commerce gross merchandise value (GMV) grew nearly 65 percent last year to US$37 billion, driven by an influx of new users as large-scale social restrictions (PSBB) compelled more Indonesians to shop online. The growth rate is expected to slow to about 40 percent this year with a 30 percent compound annual growth rate (CAGR) until 2025, according to the study.

The sector accounted for 20 per cent of total retail sales in 2020, a significant rise from only 2 per cent in 2016, according to a report by research firm Momentum Works. Homegrown marketplace Tokopedia and Sea Group’s Shopee are still at the forefront of the race to corner the country’s ecommerce sector.

The companies have widened their lead over other contenders such as Lazada, Bukalapak, Blibli, and JD.com Indonesia, according to Momentum Works.

Publish on W.Media
  • July 9, 2021
Author Info - W.Media
Putra Kurniawan
Putra Kurniawan
Share This Article
PrevPrevious PostSurge in COVID-19 cases delays South Korea’s Data project
Next PostWorld’s largest inland floating Solar PV systems in Singapore begins operationsNext
Other Popular Posts
Image credit: iStock
South Asia News
July 20, 2021

IBM and NASSCOM Foundation partner to make India’s youth skilled in latest technologies

Data-Centre
Uncategorized
January 6, 2023

Small Modular Reactors as a Viable Option to Power Data Centers

Image credit: BBC
South Asia News
August 13, 2021

IIFL Finance and FinBox partner to offer innovative digital credit products to merchants

cloud-computing-1989339_1280
Middle East Events
May 16, 2023

How Cloud Computing Has Changed The Face of Business Operations In The 21st Century

tm2
Southeast Asia News
September 17, 2021

HONOR Malaysia appoints TM ONE as Cloud Service Provider

An aerial view of the IndoKeppel DC in Bogor, Indonesia.
Southeast Asia News
May 24, 2023

IndoKeppel sees significant data center opportunities in Indonesia

W.Media is a Technology Publisher & Community Hub.

We serve the cloud/IT, data centers and network infrastructure professionals through media solutions and business events.

Follow us on LinkedIn:
https://www.linkedin.com/company/w-media-company

Receive the latest news.

We'll keep you in the loop.

Great! now press

Our Story

Contact Us

Advertise on W. Media Platforms

Terms & Conditions

Privacy Policy

© 2023 W.Media. All Rights Reserved