Blibli seeks to raise $530 million on IDX, but faces bleak share performance

Indonesian e-commerce unicorn, Blibli, is planning to raise up to IDR8.17 trillion ($530 million) through an initial public offering (IPO) on Indonesia’s Stock Exchange (IDX), in what would be the biggest listing on the Southeast Asian bourse since superapp, GoTo’s attention-drawing $1.1 billion IPO, earlier this year. The deal is also set to follow the $1.5 billion listing of e-commerce unicorn, Bukalapak, in 2021.