Business & Economy

Tech unicorn raises $1.5 billion in Indonesia’s biggest IPO

Jakarta, Aug 6 (EFE).- Indonesia’s e-commerce platform Bukalapak made a historical trading debut surging nearly 25 percent and raising $1.5 billion in the country’s largest IPO on Friday.

The 11-year-old online platform, with 4.5 million sellers and 70 million active monthly users, became the first listed tech unicorn of Indonesia.

Their shares reached over 1,000 Indonesian rupiahs ($0.073) after jumping 25 percent on the debut in the Jakarta market.

Technological giants like Microsoft or the Chinese group Ant, the owner of Alipay, back the Indonesian e-commerce unicorn.

It is one of the leading online firms in the fourth most populous country and the 16th biggest economy in the world.

The long-awaited IPO of Bukalapak comes a day ahead of the highly-awaited market debut of ride-hailing, food delivery, and e-commerce giant GoTo.

Investors are increasingly eying the fast-growing online markets and emerging startups in Southeast Asia. EFE


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