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SINGAPORE, Aug 6 - The first listing of amultibillion-dollar Southeast Asian tech company in Indonesia onFriday will set the benchmark for IPO hopefuls in a region whereglobal investors are chasing fast growing e-commerce markets.
PT Bukalapak.com Tbk, a 11-year-old e-commercecompany backed by Ant Group, Singapore sovereign fund GICand local media and tech conglomerate Emtek,makes its market debut after raising $1.5 billion in Indonesia'sbiggest ever initial public offering (IPO).
The first listing of a venture-backed company in a countrycrowded with founder-led startups, has fuelled a frenzy amonginstitutional and retail investors scrambling to get a piece ofthe IPO in a market that has seen few large flotations.
"I'm expecting to get some capital gain for the listingsince it will get a lot of buy ratings," said Andry Taneli, aretail investor, who cited Bukalapak's size among local techfirms and its anticipated strong liquidity versus peers.
The IPO comes as Indonesia's $40 billion e-commerce marketis getting a boost from stay-at-home consumers and a shift bymore businesses to sell online in the pandemic.
Bukalapak, which focuses on micro, small and medium-sizedenterprises beyond top tier cities in Southeast Asia's largesteconomy, is the fourth-largest e-commerce player afterTokopedia, Sea Ltd's Shopee and Alibaba'sLazada.
Investor interest is also running high ahead of a plannedmultibillion-dollar IPO by GoTo, Indonesia's most valuablestartup formed through the merger of ride-hailing and fooddelivery firm Gojek and e-commerce leader Tokopedia.
Bukalapak, which is also backed by Microsoft, beganseeking $300 million earlier this year but ended up raising $1.5billion.
This came after roughly $6.5 billion of interest from about150 institutional investors and more than 100,000 retailinvestors, two sources familiar with the matter said. The retailpart of the IPO was doubled to 5%.
"This IPO has also demonstrated that Southeast Asiatechnology companies can achieve a premium valuation for growthwith significant demand," said Nicolo Magni, head of globalbanking for Southeast Asia and India at UBS, the joint globalcoordinators for the issue with Bank of America.
"This creates a platform for other companies to havesizeable, highly successful offerings to list in Indonesia orother regional exchanges," said Magni. REUTERS