
Indonesia's Blibli completes $509m IPO

Indonesian e-commerce marketplace Blibli posted a small gain on its first day of trading on the Indonesian Stock Exchange (IDX) following a IDR 7.99trn (USD 509) IPO, the second-largest of the year in Jakarta.
The company was incubated by Djarum Group, an Indonesian conglomerate best known for its interests in tobacco and financial services, and received early funding from GDP Venture, Djarum’s early-stage investment unit. GDP Venture remains the largest shareholder.
Global Digital Niaga, Blibli’s parent company, has made several investments within the Indonesian VC ecosystem, backing the likes of healthcare technology platform Halodoc and social commerce specialist Mapan. It is also an LP in Go Ventures I, a fund under the investment arm of GoTo, a ride-hailing platform turned super app. GoTo raised IDR 15.8trn through an IDX IPO in April.
Global Digital Niaga sold 17.8bn shares at IDR 450 apiece, close to the top end of the indicative range, according to a prospectus. The stock ended November 8, its first day of trading, on IDR 456, which translates into a market capitalisation of approximately IDR 54trn.
IDX has made a push for technology IPOs. GoTo was the first company to list under a new regulatory regime permitting multiple share-class structures that allow founders to be diluted but retain control. GoTo is now trading at a 41% discount to its IPO price, while e-commerce platform Bukalapak – which completed an IDR 21.9trn offering last year – is down 65%.
Blibli launched in 2011 and primarily operates at a B2C marketplace, although some physical stores are operated in conjunction with third-party brands. The company moved to create an omnichannel ecosystem earlier this year by merging its flagship B2C platform with two subsidiaries, travel booking business Tiket.com and supermarket chain Ranch Market.
As of March, there were 64 stores operated for the likes of Samsung, Vivo, and Oppo as well as 69 supermarkets under Ranch Market.
Transactions routed through Blibli’s platforms amounted to IDR 32.4trn in 2021, up from IDR 22.4trn the previous year. Citing research by Frost & Sullivan, the company believes its total addressable market will be worth USD 440bn by 2025 – USD 150bn from e-commerce, USD 45bn from travel and lifestyle, and USD 245bn from grocery.
Revenue reached IDR 8.86trn in 2021, up from IDR 4.29trn the previous year, while the company’s net loss widened from IDR 2.42trn to IDR 3.35trn. In the first half of 2022, revenue was IDR 6.77trn and the net loss was IDR 2.48trn.
Djarum was an early mover in the corporate VC space in Indonesia. In addition to Blibli, GoTo, Halodoc, and Tiket, GDP Venture has interests in home interiors business Dekoruma, automotive e-commerce platform Garasi.id, brand loyalty player GetPlus, home crafts platform Summer, photo services start-up Sweet Escape, and second-hand goods marketplace Tinkerlust.
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