E-commerce firm Blibli up nearly 5% in Indonesia stock debut

Shares of Indonesian e-commerce institution Blibli roseate 4.9% successful its Indonesian banal marketplace debut Tuesday, successful what was the country's second-largest archetypal nationalist offering this year. 

Shares of PT Global Digital Niaga Tbk, which owns Blibli, climbed arsenic precocious arsenic 472 rupiah successful aboriginal trading, up from its IPO terms of 450 rupiah per share. The institution raised arsenic overmuch arsenic 7.99 trillion rupiah ($509.2 million).

In aboriginal day trade, the banal was trading astatine astir 452 rupiah.

Blibli is the latest tech institution to database successful Southeast Asia since Indonesian unicorns Bukalapak's $1.5 cardinal stock merchantability successful August 2021 and GoTo's $1.1 cardinal IPO successful April.  

Blibli, an online marketplace selling a scope of household and manner goods, was founded successful 2011 and is owned by the Indonesian e-commerce radical PT Global Digital Niaga which besides runs an online question concern and supermarket chains. 

The institution is backed by Djarum Group, 1 of Indonesia's largest conglomerates known for producing Indonesian kretek cigarettes.

The listing comes amid planetary macroeconomic headwinds specified arsenic inflation, rising involvement rates, a looming recession and volatility successful the tech sector. 

Bukalapak is trading astir 66% beneath its connection price, and GoTo is trading astir 42% beneath its IPO price.

Other Southeast Asian e-commerce companies specified arsenic Sea Limited's stock terms plummeted from $340 a twelvemonth ago, to $48 contiguous arsenic the institution faced operational uncertainty and billions of losses. Grab, which listed successful December 2021, fell from its opening stock terms of $13.06 driblet to $2.94 today.

Similarly, GoTo, Grab and Sea Limited person market buying verticals arsenic well, suggesting Blibli could beryllium portion of a larger macro inclination of market transportation companies listing.

Online market buying took disconnected astatine the tallness of the Covid-19 pandemic successful 2020 and was 1 of the fastest-growing segments past year, according to probe by Facebook and Bain.