Indonesia’s unicorns sharpen their IPO horns

Two out of the country’s four unicorns are preparing to list. The question is how, when and where?

Two of Indonesia’s mostly highly valued unicorns have begun actively preparing to float their shares. But neither will hit a stock exchange until at least late 2019 thanks to a combination of rapid geographical expansion, the current emerging markets malaise, and a thicket of regulations to work through and overcome.

The complexity of floating the first large tech start-ups from an emerging markets jurisdiction like Indonesia was always likely to necessitate long lead times. As a result, capital markets experts say that ride hailing and courier company Go-Jek and online booking agent Traveloka began the groundwork for their IPOs in the first quarter of the...

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