Jakarta, CNBC Indonesia – Company management e-commerce belonging to the Djarum Group, PT Global Digital Niaga or Blibli.com has raised their voice regarding the news of an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) next year.
The company, according to a Bloomberg report, is said to have selected advisors regarding Blibli’s plans to go public on the stock exchange and is working with Credit Suisse Group AG and Morgan Stanley to explore the process of an initial public offering.
Blibli’s VP of Public Relations, Yolanda Nainggolan, told CNBC Indonesia that his party could not provide further comment on the news, but did not deny it.
“We cannot comment on the rumors and speculation that are circulating. However, as e-commerce Indonesia, which has been operating for 10 years, Blibli is strengthened by a comprehensive technology and business ecosystem that includes B2C [business to customer], B2B [business to business], B2B2C, and B2G [business to goverment] continue to focus on developing the business,” said Yolanda, Thursday (26/8/2021).
However, it is always open to the best options for the development of the Blibli ecosystem.
“Of course Blibli is very open to the best options that can accelerate the development of the ecosystem in providing innovative solutions to our customers,” he said.
For Blibli, he said, the most important thing is a continuous process, so that it not only survives, but also continues to grow and have a positive impact on customers, business partners and Indonesia.
“For this reason, until now, we are still operating with the existing funding model,” he explained.
Referring to its website, Blibli is an online mall for goods including electronics and lifestyle products, and cooperates with more than 100,000 partners established since 2011. The company offers delivery via its own Blibli Express Service as well as 15 logistics partners in the largest cities in Indonesia. .
Blibli is backed by GDP Venture, the venture capital arm of the Djarum Group, whose dominance in the cigarette business and state banking has helped make its owners, the Hartono brothers, two of Indonesia’s richest men.
Robert Budi Hartono and his brother Michael Bambang Hartono have net worths of US$ 16.5 billion and US$ 15.5 billion, respectively, according to the Bloomberg Billionaires Index, the richest in Indonesia.
This IPO plan is considered very potential considering Indonesia is currently the fourth most populous country in the world and one of the hardest hit by the Covid-19 pandemic with low vaccination coverage and months of movement restrictions which have also increased demand for online shopping.
If Blibli realizes its IPO plan, Blibli will join forces with its rival, e-commerce PT Bukalapak.com Tbk (BUKA).
Bukalapak was listed on the IDX on August 6, 2021 by selling its initial shares at IDR 850/share with the largest IPO proceeds at IDR 22 trillion, beating the IPO of PT Adaro Energy Tbk (ADRO) of IDR 12.23 trillion in 2008.
In addition, ride-hailing giant GoTo, the largest technology startup in Indonesia with a valuation of US$ 18 billion, is also expected to take the floor on the Indonesian stock exchange.
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