Indonesia’s Blibli To Raise $528 Million Through IPO At $3.5 Billion Valuation

Global Digital Niaga, the owner of e-commerce group Blibli, plans to raise 8.17 trillion rupiah ($528 million) next month through an initial public offering that stands to be the second largest of the year.

Blibli said in a prospectus filed to the Indonesia Stock Exchange on Monday that it will offer up to 17.7 billion shares, or 15% of its total shares, at a price range of 410–460 rupiah apiece, giving the company a valuation of as much as $3.5 billion.

The firm said it plans to use the funds to pay down its debt and replenish its working capital. The offering period will be November 1–3, and its expected to list on November 7.

Blibli’s IPO follows the listing of fellow tech unicorn GoTo, which raised $1.1 billion in April. GoTo was formed by the earlier merger of ride hailing-to-payments company Gojek and e-commerce leader Tokopedia.

Founded in 2011, Global Digital Niaga belongs to one of Indonesia’s largest conglomerates, Djarum Group, which is controlled by the Hartono brothers R. Budi and Michael. The brothers topped the list of Indonesia’s 50 Richest when it was published last December, with a net worth of $42.6 billion.

The family’s extensive holdings include a controlling stake in Bank Central Asia (BCA), one of the largest banks in Indonesia, as well as cigarette maker Djarum, which was started by their late father, Oei Wie Gwan. Djarum Group’s investments in tech are spearheaded by Budi’s son, Martin Hartono, who has been investing in startups such as Gojek, 88 Rising, and Razer.