Indonesia’s Bukalapak kicks off $1.1 billion IPO

Indonesia’s Bukalapak launched an up to $1.13 billion IPO ahead of next month’s listing, marking the country’s biggest issue in over a decade amid rising investor appetite for tech stocks in a region boasting a growing consumer class, according to a term sheet seen by Reuters.

The e-commerce company, which 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.

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

Reuters reported on Thursday that Bukalapak, the country’s fourth-biggest e-commerce firm, was targeting raising more than $1 billion in its IPO, 25% more than previously planned.