Indonesian owner Blibli plans to raise $530M in second-largest IPO in the country in 2022

Global Digital Niaga PT, the owner of Indonesian e-commerce company Blibli, plans to raise up to Rs 8.17 trillion through an IPO that could be the second largest in the country this year.

According to the data, the firm is listing 17.77 billion new shares, or 15% of the stake, at prices ranging from Rs 410 to Rs 460 per share. This values the group at $3.5 billion.

The formation of the investor order book for the most effective price determination ends on October 24, and the preliminary period is planned from November 1 to November 3. The listing is expected to take place on November 7th.

If priced below the market range, it would be Indonesia’s largest IPO since tech company PT GoTo Gojek Tokopedia Tbk raised $959 million with a listing this spring. Since then, there have been no new equity sales of more than $100 million on the Indonesian stock exchange as revenues fell globally due to high volatility, high inflation, and rising rates.

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Global Digital Niaga, controlled by Djarum Group, will use the proceeds to pay off debt and expand working capital. According to the data, the company has a 12-month voluntary lockup period and an eight-month mandatory lockup for major and other existing shareholders.

Shares in PT Supra Boga Lestari Tbk, a food retailer Bleebli is a significant shareholder, surged 25% on Monday amid news of an IPO.

BRI Danareksa Sekuritas PT, BCA Sekuritas PT, Credit Suisse Group AG, Morgan Stanley, and DBS Group Holdings Ltd are the banks that maintain the placement ledgers.