Indonesian blockbuster IPO to set tone for Southeast Asia tech sector

The first listing of a multibillion-dollar Southeast Asian tech company in Indonesia on Friday will set the benchmark for IPO hopefuls in a region where global investors are chasing fast growing e-commerce markets. PT Tbk, a 11-year-old e-commerce company backed by Ant Group, Singapore sovereign fund GIC and local media and tech conglomerate Emtek, makes its market debut after raising $1.5 billion in Indonesia’s biggest ever initial public offering (IPO). The first listing of a venture-backed company in a country crowded with founder-led startups, has fuelled a frenzy among institutional and retail investors scrambling to get a piece of the IPO in a market that has seen few large flotations.

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