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Blibli Will IPO, Another Losing Company Wants to Take the Floor on the Indonesian Stock Exchange

Blibli Will IPO, Another Losing Company Wants to Take the Floor on the Indonesian Stock Exchange

PT Global Digital Niaga Tbk or better known as Blibli will be listed on the Indonesia Stock Exchange (IDX). The startup company will add to the list of companies whose finances are still at a loss and will continue to conduct Initial Public Offerings (IPOs).

According to the plan, Blibli will conduct its initial public offering on the IDX starting November 7, 2022. There are around Rp 8.17 trillion in fresh funds that Blibli is targeting.

Now, what is in the spotlight is that Blibli's finances are still at a loss. Based on the prospectus of Blibli's shares, the company's balance sheet still lost Rp 2.5 trillion in the current year period in June 2022.

In fact, the loss of the e-commerce company belonging to the Djarum Group also swelled compared to the same period last year, which was Rp 1.57 trillion.

Blibli management itself admits that it is optimistic that the company's financial performance will improve in the future. Especially now that Blibli has unified its ecosystem with Tiket.com and Ranch Market.

The three formed Blibli Tiket which will unite e-commerce, travel and lifestyle (travel and lifestyle) businesses, as well as daily necessities retail (grocery retail).

"From these 3 combined running omnichannel with high synergy, we see that it will become a big technology company in Indonesia that will be sustainable and make positive profits in a short time," said CEO of PT Global Tiket Network (Tiket.com) George Hendrata at a press conference in Jakarta. Hotel Indonesia Kempinski, Central Jakarta, last Tuesday (18/10/2022).

The business potential of these 3 sectors is huge. Surveys by Euromonitor and Frost & Sullivan reveal the potential to reach US$ 436 billion or equivalent to Rp 6,746 trillion (exchange rate of Rp 15,474).

Prior to Blibli , there were at least two large startups labeled as unicorns that first took the floor on the stock exchange. The position is the same, both companies are also experiencing losses during the IPO.

The first is Bukalapak, in August 2021 the company conducted an IPO on the Indonesia Stock Exchange. However, in the prospectus issued before the IPO, it was recorded that the company still recorded a loss of Rp 1.3 trillion in 2020. This figure is lower than the loss in 2019 which reached Rp 2.8 trillion and 2018 a loss of Rp 2.2 trillion.

Then, GoTo followed Bukalapak on the stock exchange in April 2022. When conducting an IPO, the joint entity of Gojek and Tokopedia still recorded a net loss of Rp 11.58 trillion as of September 2021.

When compared to the same period in 2020, the value of the loss with the GoTo stock code increased. As of September 2020, the loss was Rp 10.43 trillion.

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