Global Digital Niaga, owner of e-commerce organization Blibli, plans to raise 8. 17 trillion rupees ($528 million) next month, an initial public offering expected to be the largest of the year.
Blibli said in a prospectus filed on the Indonesian Stock Exchange on Monday that it would offer up to 17. 7 billion shares, or 15% of its total shares, at a value of 410 to 460 rupees each, giving the company a valuation of as much as $3. 5 billion.
The company said it plans to use the budget to pay off debt and fill current capital. The offering era will be Nov. 1-3 and is scheduled to be indexed on Nov. 7.
Blibli’s initial public offering follows the board of GoTo, another tech unicorn, which raised $1. 1 billion in April. GoTo was formed through the earlier merger of invoice forwarding company Gojek and e-commerce leader Tokopedia.
Founded in 2011, Global Digital Niaga is owned by one of Indonesia’s largest conglomerates, Djarum Group, controlled by brothers Hartono R. Budi and Michael. The brothers topped Indonesia’s 50 richest list when it was published last December, with a net worth of $42. 6 billion.
The family’s vast holdings include a majority stake in Bank Central Asia (BCA), one of Indonesia’s largest banks, as well as cigarette maker Djarum, which he started through his late father, Oei Wie Gwan. Djarum Group’s investments in generation are carried out through Budi’s son, Martin Hartono, who has invested in startups such as Gojek, 88 Rising and Razer.