NAME: Global Digital Niaga’s $510 million IPO on the IDX
LAW FIRM: Makes & Partners
JURISDICTION: Indonesia
PRACTICE AREA: Capital markets
INDUSTRY SECTOR: Technology and telecommunications
The initial public offering of Global Digital Niaga on the Indonesia Stock Exchange (IDX) is our deal of the month for November.
Makes & Partners has advised Global Digital Niaga, the operator behind Indonesia’s e-commerce group Blibli, on its IPO on the IDX on 8 November, 2022. The Rp 8 trillion ($510 million) listing marks the second largest IPO in Indonesia, following GoTo’s offering in April.
Backed by one of Indonesia’s biggest conglomerates Djarum Group, Global Digital runs Blibli, an online marketplace selling everything from household to lifestyle goods. The firm also practices business in the travel and retail sectors. According to the prospectus, proceeds from the IPO will be used for debt repayment and working capital.
A team led by partners Fransisca SH and Iwan Setiawan from Makes & Partners advised Global Digital Niaga, with Skadden Arps Slate Meagher & Flom advising the underwriters.