Indonesia’s Tech Unicorns Are Leading The Country’s IPO Rush

This story is part of Forbes’ coverage of Indonesia’s Richest 2021. See the full list here.

E-commerce giant Bukalapak’s blockbuster IPO in August, raising $1.5 billion, set the stage for more mega-listings in Indonesia. Four unicorns, including GoTo created by the merger of Gojek and Tokopedia in May, plan to go public in the next 12 months.

With e-commerce transactions set to grow nearly 50% to $70 billion in Southeast Asia’s biggest economy this year, private equity firms are pouring funds into Indonesian tech firms, according to a report published by Google, Temasek and Bain & Company in November.

These companies raised $4.7 billion in the first half, accounting for 41% of Southeast Asia’s private equity deals by value, the report says. As these unicorns go public, they may spawn a new generation of wealthy technopreneurs.