Indonesian Stock Exchange
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Shares of Indonesian e-commerce company Blibli jumped 4.9% in its Indonesian stock market debut on Tuesday, in the country’s second-largest initial public offering this year. .
Shares of PT Global Digital Niaga Tbk, which owns Blibli, jumped as high as 472 rupiah in early trading of the year, up from the IPO price of 450 rupiah per share. The company raised 7.99 trillion rupiah ($509.2 million).
In early afternoon trading, shares were trading at around 452 rupiah.
Blibli is the latest tech company to list in Southeast Asia since selling $1.5 billion worth of Indonesian unicorn Bukalapak in August 2021, and Go$1.1 billion IPO in April.
Blibli, an online marketplace selling a wide range of home and lifestyle goods, was founded in 2011 and is owned by Indonesian e-commerce group PT Global Digital Niaga, which also operates a business. Online travel and supermarket chain.
The company is supported by Djarum Groupone of the largest Indonesian corporations known for the production of Indonesian kretek cigarettes.
The listing comes amid global macroeconomic difficulties such as inflation, rising interest rates, a looming recession and volatility in the technology sector.
Bukalapak is trading around 66% below the asking price and GoTo is trading around 42% below the IPO price.
Other Southeast Asian e-commerce companies such as Sea LimitedThe company’s stock price plummeted from $340 a year ago, to $48 today as the company faces operational uncertainty and billions of dollars in losses. Grablisted in December 2021, has fallen from an opening share price of $13.06 to $2.94 today.
Likewise, GoTo, Grab and Sea Limited also have grocery shopping verticals, suggesting that Blibli could be part of a larger macro trend in listing grocery delivery companies.
Online grocery shopping came at the height of the Covid-19 pandemic in 2020 and was one of the fastest growing segments last year, according to research by Facebook and Bain.