Indonesia’s e-commerce players Kaskus, Bukalapak explore IPO plans

Photo by Kaskus

Online forum Kaskus and e-commerce platform Bukalapak are in talks with the Indonesian Stock Exchange (IDX) about the possibility of going public this year, said director Tito Sulistio.

Other Indonesian startups have also engaged in discussions with the IDX.

Sulistio said the companies are now facing challenges in preparing legal and administrative matters. However, he is optimistic the challenges could be overcome.

“If they commit the process would take about four to five months only,” he said, as quoted by local media Kontan.

Kaskus is Indonesia’s largest online platform founded by Andrew Dawis in 1999, while Bukalapak is one of the country’s leading trading platforms.

The IDX and the Indonesian Chamber of Commerce (KADIN) are reportedly launching a special board and an incubator programme to support Indonesian tech startups to go public. The board will facilitate startups to prepare them for IPOs.

Meanwhile, the incubator programmes will be launched in Jakarta and Denpasar. KADIN also claimed it has received commitment from a number of leading local venture capital firms, such as Venturra Capital, Northstar Group, and Convergence Ventures.

Also Read: Indonesia: KADIN receives funding commitment from local VCs for proposed startup accelerator

The plan comes in the backdrop of the country’s financial markets regulator Financial Services Authority (OJK) preparing a regulation that will provide a legal basis for SMEs, including startups, to generate funds as high as Rp1 trillion ($74.63 million) from IPO.

The regulator is evaluating the IPO norms for startups and the exercise would be completed by June with an implementation timeline expected later this year. IDX and OJK are in talks to set up a special board for SMEs or startup companies. Tito said, the idea is that SMEs or startup companies that have net intangible assets as low as Rp5 billion may also list shares on the Jakarta bourse.

President Joko “Jokowi” Widodo stated his optimism over the potential growth in the country’s e-commerce industry, by issuing a new regulation that allows a 49-percent foreign ownership cap on small online businesses.

The government’s target of establishing a $130 billion digital economy by 2020 is centered on e-commerce development and technology awareness.

Also Read:

Indonesia plans creation of technology board on IDX for fintech startups

Indonesia bourse, industry body to set up incubators to get startups IPO-ready

$14.6b to pour into Indonesian startups, says AMVESINDO

Indonesian market set for seven IPOs, 21 bond offers & nine rights issues

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.