Indonesia’s Blibli set to raise $530M in November IPO

Global Digital Niaga PT, the company that owns the Indonesian ecommerce platform Blibli, announced on Monday that it plans to raise up to 8.17 trillion rupiah ($530 million) through an initial public offering in November.

According to the company’s prospectus shared on Monday, it will offer 17.77 billion new shares, which account for 15% of its stake, for 410 rupiah – 460 rupiah each, between November 1-3.

The offering, which could bring the company’s valuation to over $3.5 billion, is expected to be the second largest IPO in Indonesia after GoTo Group, which was formed by the merger of Gojek and Tokopedia, raised $959 million in April.

The firm plans to use the proceeds to pay its debt and enhance its e-commerce platform. As reported by Bloomberg, there’s a 12-month optional lock-up period on the company, and an eight-month required lock-up terms for principal and other current stockholders.