SINGAPORE: Indonesia’s Bukalapak launched an up to US$1.13 billion initial public offering ahead of next month’s listing, marking the country’s biggest issue in more than 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 US$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 US$1 billion in its IPO, 25 per cent more than previously planned.

Source: Reuters/dv