PT Global Digital Niaga has raised about 8 trillion rupiah ($513 million) after the owner of e-commerce group Blibli exercised an option to sell more shares in its Indonesian initial public offering.
(Bloomberg) — PT Global Digital Niaga has raised about 8 trillion rupiah ($513 million) after the owner of e-commerce group Blibli exercised an option to sell more shares in its Indonesian initial public offering.
The company has sold about 17.8 billion shares at 450 rupiah each, according to terms of the deal seen by Bloomberg News. It’s upsized from the base offering of around 11.2 billion shares, which were marketed at 410 rupiah to 460 rupiah apiece.
Kusumo Martanto, Global Digital Niaga Chief Executive Officer, declined to comment on the IPO pricing. Martanto and a spokesperson didn’t immediately respond to requests for comment on the upsize option.
Niaga’s IPO is the largest in Jakarta after tech company PT GoTo Gojek Tokopedia Tbk raised $959 million in an April listing. Since then, Indonesia’s exchange hasn’t hosted any new equities sales larger than $100 million as dealmaking slumped globally amid a spike in volatility, high inflation and rising rates.
Global Digital Niaga plans to use the IPO proceeds for debt repayment and working capital. Its shares are scheduled to start trading in Jakarta on Nov. 7.
–With assistance from Julia Fioretti.
(Updates throughout with terms of the deal.)
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