Indonesia's Bukalapak raises IPO target to $1.5 billion from $1.1 billion -sources

INITIAL PUBLIC OFFERING (IPO) - SINGAPORE. Indonesian e-commerce firm Bukalapak has raised its IPO size to $1.5 billion from a previously targeted $1.1 billion, underscoring stronger-than-expected investor demand for what is shaping up as the largest local issue, two sources familiar with the matter said.

The company, which counts Singapore sovereign investor GIC and Microsoft among its backers, has attracted interest from long-only funds, domestic investors and sovereign wealth funds for its IPO, said one of the sources who was not authorised to speak publicly about the matter.

There was no immediate response to a Reuters query sent to Bukalapak.

Selanjutnya: Indonesia's Bukalapak kicks off $1.1 bln IPO, biggest in over a decade