Vantage Point: BliBli’s potential IPO is an interesting proxy for middle-class Indonesia

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BliBli IPO – A rather different proxy
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BliBli IPO – A rather different proxy

Founded in 2011, Blibli can be viewed as the dark horse of Indonesian e-commerce given its relatively private profile since it has been predominantly funded by Djarum Group. The Group controls Indonesia’s largest private bank Bank Central Asia and owns one of the largest tobacco companies.

The platform is looking to launch a $500-million IPO in Jakarta at a valuation of over $4 billion, which is significantly higher than the previous indication of $1 billion. The timing is also interesting as it comes amid a global sell-off of tech stocks.

Given the ultra-private nature of BliBli, there is very little visibility of the platform’s financials. Although the e-commerce player is financed by the deep-pocketed Djarum Group, it is unlikely to be as willing to burn cash as private equity investors might. 

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