Indonesia based e-commerce company Bukalapak has increased its initial public offering target to over $1 billion following a strong demand. This adjustment represents a 25% increase compared to the initial target given by the company.
This IPO is set to go down as the largest listing in thirteen years by a Southeast Asian country. The company enjoys a list of high profile investors including tech giant Microsoft Corp. (MSFT) and Singapore investor CIC.
This listing comes as a rare technology sector offering in the region, the fact that the company increased its IPO size shows that investors have confidence in the company.
According to insider sources in the company, the books of Bukalapak’s IPO will be opened in the course of the week for a 10 day period and thereafter the listing will come sometimes in August.
“We are constantly exploring opportunities for the company to continue to grow and develop financially. However, for now, we have not made any decisions,” said Bukalapak’s vice president, Sufintri Rahayu.
The company is said to be targeting a $5 billion valuation after the IPO which will be more than double its valuation two years ago. The company is also seeking to sell around 20% stake in the offering.