Blibli owner seeks 8.17t rupiah in Indonesia’s second-largest IPO of 2022

GLOBAL Digital Niaga, the owner of e-commerce group Blibli, is set to raise up to 8.17 trillion rupiah (S$752.5 million) through an initial public offering (IPO), poised to be Indonesia’s second-largest this year.

The firm is offering as many as 17.77 billion new shares, or a 15 per cent stake, at a price between 410 rupiah and 460 rupiah apiece, according to a prospectus published on Monday (Oct 17). This values the group at up to US$3.5 billion. 

Bookbuilding ends on Oct 24, with tentative offering period between Nov 1-3. It is expected to list on Nov 7.  

Even if priced at the bottom of the marketed range, it is set to be the largest IPO in the South-east Asian country after tech company PT GoTo Gojek Tokopedia raised US$959 million in an April listing. Since then, Indonesia’s exchange hasn’t hosted any new equities sale larger than US$100 million as proceeds slumped globally amid a spike in volatility, high inflation and rising rates. 

Global Digital Niaga, which is controlled by Djarum Group, aims to use the proceeds to repay debt and for working capital. There is a 12-month voluntary lock-up period on the company, and an eight-month mandatory lock-up for principal and other existing shareholders, according to terms of the deal obtained by Bloomberg News. 

Shares of PT Supra Boga Lestari Tbk, a food seller in which Blibli is a main shareholder, jumped as much as 25 per cent in Jakarta on Monday following news of the IPO. 

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Joint bookrunners in the offering are BRI Danareksa Sekuritas, BCA Sekuritas, Credit Suisse Group, Morgan Stanley and DBS. BLOOMBERG