Indonesian E-Commerce Firm Bukalapak Files for IPO

Indonesian E-Commerce Firm Bukalapak Files for IPO

Bukalapak. Shutterstock.

The Jakarta-based unicorn plans to list on the Indonesia Stock Exchange as early as August, a person with the knowledge of the matter told Tech in Asia. The news was first reported by DealStreetAsia.

“We always explore opportunities to grow and develop financially. However, we haven’t made any decision,” a Bukalapak spokesperson told Tech in Asia.

The news comes amid reports that Bukalapak is eyeing a US listing by way of a SPAC merger — a move that could potentially boost its value to $5 billion. The size of the domestic listing remains unknown, but the company could raise a minimum of $255 million, wrote Tech in Asia.

It’s just one of many Asian e-commerce businesses jumping on the IPO bandwagon, following listings by the likes of South Korea’s Coupang and an upcoming float by local rival GoTo, the new entity created by Tokopedia and Gojek’s mega-merger.

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