Tough road ahead as Indonesian e-commerce firm Blibli gears up for mega IPO

AS Indonesia’s third unicorn to list readies itself for an initial public offering (IPO), market watchers and analysts are not holding their breath in terms of the expected performance of the stock in the near term.

Given the performance of the two other tech giants to have listed on the Indonesia Stock Exchange (IDX), market analysts do not expect e-commerce unicorn Blibli to do well post-IPO.

“Despite Indonesia being one of the best performing stock markets in the region, it will be very tough for Blibli to raise US$500 million from retail investors,” noted an analyst, who asked not to be named. “This is largely due to the performance of the two previous e-commerce IPOs.”