The blockbuster domestic listing of Indonesian ecommerce group Bukalapak has prompted other start-ups in the country to abandon plans for overseas share offerings in favour of going local, signalling a payday for their foreign backers.
International investor interest in Indonesia’s tech sector has surged, with group’s including Facebook, Microsoft, Tencent, Alibaba, Google and private equity firms KKR and Warburg Pincus piling into local start-ups.
South-east Asia’s biggest economy, Indonesia has the region’s largest crop of unicorns, or privately held start-ups, valued at more than $1bn.
Until Bukalapak’s $1.5bn listing in August, however, none had successfully listed on a stock market, a crucial step in the start-up lifecycle for global investors.
Now, other Indonesian tech groups are considering the Indonesia Stock Exchange (IDX) as a credible alternative to international initial public offerings….