Shares of Indonesia’s first listed tech unicorn, PT Bukalapak.com, surged by 24.7% at their trading debut on Friday, after the company raised $1.5 billion in the Southeast Asian country’s biggest initial public offering (IPO). Shares in the 11-year-old e-commerce company that counts Ant Group and Singapore sovereign fund GIC Pte Ltd among its backers, were priced at 850 rupiah ($0.0592) in the listing, with gains capped by a limit of 25% at the debut. The first listing of a multibillion-dollar Southeast Asian tech company in Indonesia has fuelled a frenzy among institutional and retail investors, and is expected to set the benchmark for IPO hopefuls in a region where global investors are chasing fast-growing e-commerce markets.
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