Want To IPO Follow Bukalapak, Blibli Owned By Hartono Brothers Conglomerate: We Are Still Operating With Existing Funding Models

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Global Digital Niaga aka Blibli, an e-commerce platform supported by the Djarum Group, is reportedly preparing to take the floor on the Indonesia Stock Exchange (IDX) by holding an initial public offering (IPO).

This news originated from a Bloomberg report that said a source stated that Blibli had chosen an advisor for the IPO and this action might be carried out early next year. According to the source, Blibli is working with Credit Suisse Group AG and Morgan Stanley to explore the possibility of an initial public offering.

"Negotiations are still at an early stage and the size of the IPO could depend on which businesses are included," the sources said.

In response to this, Blibli's VP of Public Relations Yolanda Nainggolan said that his party could not provide any comments yet. The reason, he said, is still just rumors and speculation.

"We cannot comment on rumors and speculation circulating. However, as an Indonesian e-commerce company that has been operating for 10 years, Blibli is strengthened by a comprehensive technology and business ecosystem that includes B2C, B2B, B2B2C, and B2G continues to focus on developing business providing solutions to build trust by providing the best retail experience to customers," Yolanda told VOI, Thursday, August 26.

Furthermore, Yolanda said, Blibli is very open to the best options that can accelerate the development of the ecosystem in providing innovative solutions to customers. For Blibli, he continued, 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 said.

If Blibli is right about the IPO, Blibli will join its competitor PT Bukalapak.com Tbk (BUKA) which has already been listed on the IDX. Bukalapak raised US$1.5 billion or around Rp29 trillion from its IPO in July 2021 and became the largest IPO in Indonesia, surpassing PT Adaro Energy Tbk's (ADRO) IPO of US$1.3 billion in 2008.

Ride-hailing giant GoTo, Indonesia's largest technology startup with a valuation of US$18 billion, is also expected to be listed on the IDX.

For information, Blibli was founded in 2011. Blibli, as quoted from its website, is an online mall for goods including electronics and lifestyle products, and cooperates with more than 100,000 business partners.

Blibli offers delivery through its own Blibli Express Service as well as 27 logistics partners in the largest cities in Indonesia. Blibli is supported by GDP Venture, the venture capital business unit of the Djarum Group, whose dominance in the cigarette and banking businesses has helped its owners, Robert Budi Harono and Michael Bambang Hartono, become the richest people in Indonesia.

According to the Bloomberg Billionaires Index, the Hartono Brothers have a net worth of US$32 billion or around Rp.464 trillion (exchange rate of Rp.14,500 per US dollar).