Bukalapak's $1.1 billion IPO, Indonesia's biggest in a decade, covered on launch day - sources [Reuters]
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share (SE)
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Source: Reuters
Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, June 16, 2021. REUTERS/Willy Kurniawan/File Photo SINGAPORE/JAKARTA, July 9 (Reuters) - Indonesia's biggest IPO in more than a decade, the billion dollar offering from e-commerce firm Bukalapak, received enough investor orders to cover the sale on its launch day on Friday, two sources said, reflecting strong appetite for tech stocks. The listing comes at a time when the pandemic has boosted demand in Indonesia's $40 billion e-commerce market. Bukalapak has sought to focus on smaller clients as it competes with bigger rivals Tokopedia, Sea Ltd's (SE.N) Shopee and Alibaba's Lazada. Two sources familiar with the deal said a spate of orders from large investors meant the books for Bukalapak's IPO were covered across its indicative price range. The sources declined to be identified as they were not authorised to speak to the media. Until a few months ago, Bukalapak, the No.4 e-commerce
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