Jakarta. Trading company Global Digital Niaga on Tuesday listed its e-commerce business Blibli on the Indonesia Stock Exchange under trading code BELI, which literally translates as “buy”.

The company raised Rp 8 trillion in the initial public offering at Rp 450 per share, making it the second-biggest IPO of the year after the merger of ride-hailing company Gojek and e-commerce giant Tokopedia that went public as GOTO in April to earn Rp 13.7 trillion in fresh capital.

Blibli Chief Executive Officer and co-founder Kusumo Martanto said the IDX listing brings the company closer to its vision of becoming a reliable omnichannel trading platform for individual customers and organizations.

“Having listed on the stock market, our business development will focus on strengthening the omnichannel ecosystem with our subsidiaries Tiket.com and Ranch Market,” Kusumo said at a news conference in Jakarta. 

The trading of BELI shares at the IDX is expected to boost investor confidence in Indonesia’s technology sector and bring a positive impact on the country’s rapidly growing digital economy, Kusumo added.

With a market capitalization of Rp 53.3 trillion, equivalent to $3.4 billion, Blibli is the only internet unicorn to list on the stock market in Asia and the Pacific since May 2022 and the second-biggest internet unicorn in the region to make an IPO in 2022, Kusumo said. 

Tuesday’s IPO is also the fifth-largest in the history of the Indonesian stock markets.

“We are proud of being able to complete the IPO in the face of the highly volatile stock market and rising interest rates,” Global Digital Niaga’s Chief of Corporate Secretary and Investor Relations Eric Alamsjah Winarta said.

He claimed that the Blibli listing drew strong support and interest from local and international investors, resulting in an oversubscribed IPO. Eric added that the fresh capital from the IPO will be used to repay the company’s debts and strengthen working capital.

Credit Suisse (Singapore) Limited and Morgan Stanley Asia (Singapore) acted as joint global coordinators of the IPO while BCA Sekuritas and BRI Danareksa Sekuritas served as joint lead underwriters. 

Subsidiary Tiket.com, the fastest-growing online travel booking in Indonesia, expects to significantly expand its customer base and improve service quality after the IPO, its CEO George Hendrata said.

“In other countries, big and profitable companies have gone public. We are following suit and calling on investors to grow big together with us,” George said.

“The aim of the IPO is to make our business big, rather than to wait until we are big enough to do the IPO.”

Blibli enjoyed sales growth of 90 percent in the first half of the year after the company began to develop an omnichannel business model, the company said.