Indonesia’s e-commerce firm Blibli is looking to raise US$528 million during its IPO debut next month, the company said in its prospectus.
The company said it plans to sell 17.7 billion shares through the listing at a price range between $0.027 and $0.03, which is expected to bring the company’s value to as much as $3.5 billion.
The company said the fund raised will be used to pay its debt to banks before allocating the remains to working capital.
Operated by PT Global Digital Niaga, the e-commerce company will be Indonesia’s third unicorn going public on the local stock market after GoTo Group and Bukapak, which raised $1 billion and $1.5 billion respectively.
Blibli was founded in 2010 and is backed by the regional conglomerate Djarum Group.