Indonesian e-commerce firm Bukalapak plans to raise as much as 16.4 trillion rupiah in its domestic initial public offering, according to term sheet dated July 9 seen by Reuters Breakingviews. The company’s market capitalisation will be up to 82 trillion rupiah, or about $5.6 billion based on the top end of a published price range for the shares which due to start trading on Aug. 6.
Separately, Indian food delivery company Zomato on July 8 announced a price range of between 72 rupees to 76 rupees per share for its IPO which aims to raise up to $1.3 billion. At the upper end, the deal gives the company a valuation of as much as almost $8.6 billion after factoring in stock options, based on data from a term sheet seen by Breakingviews.
“We are looking at the new upcoming IPOs in India very closely, there has been a lot of positive word about Zomato which is going public anytime now, and there are a few other companies that are following them closely, so we are watching the updates very closely,” Oyo founder and chief executive, Ritesh Agarwal, said at a Reuters Next newsmaker event hosted by Breakingviews on July 7.
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