An e-commerce company called Blibli with headquarters in Indonesia has formally floated on the Indonesian stock market (IDX) with the ticker number BELI. After GoTo and Bukalapak, it is the third unicorn to be listed on the local stock exchange.
Blibli’s shares increased about 5% to 472 rupiah (around US $0.03) per share from its initial public offering price of 450 rupiah (US $0.029) minutes after the market opened.
This has decreased to about 460 rupiah (US $0.029) at of the time of writing, a decrease of about 2% from the initial price that places the firm’s value at about US $3.5 billion.
In its first public offering, the business sold more than 17.8 billion shares, or 15% of its expanded share pool, to raise around $510 million in the US.
Blibli said in a statement that the share sale saw a 1.6x increase in interest. In contrast, GoTo’s IPO had a 15.7x oversubscription and Bukalapak’s received an 8.7x oversubscription.
Blibli was founded in 2010 and is supported by regional conglomerate Djarum Group. Its businesses include the grocery chain Ranch Market and the online travel agency Tiket.com.
About S $355 million of the money collected from the IPO would be used by the company to settle its bank debts. The remaining amount will serve as operating capital.
