Blibli seeks to raise $530 million on IDX, but faces bleak share performance

Indonesian e-commerce unicorn, Blibli, is planning to raise up to IDR8.17 trillion $530 million through an initial public offering IPO on Indonesia’s Stock Exchange IDX, in what would be the biggest listing on the Southeast Asian bourse since superapp, GoTo’s attention-drawing $1.1 billion IPO, earlier this year. The deal is also set to follow the $1.5 billion listing of e-commerce unicorn, Bukalapak, in 2021.

But some experts believe the company should remain wary, given the poor performance of both of these stocks following their blockbuster listings.

“Blibli may learn particularly from Bukalapakwhich has lost a staggering 66% of its value since...