In today’s briefing:
- PT Global Digital Trade (BliBli) Pre-IPO – The Positives – Wide Offering, Strong COVID Bounce Back
- Blibli IPO – Indonesia E-Commerce Is Struggling, Blibli Even More So
- Blibli IPO: The Bear Case
- Giant Biogene Pre-IPO – Thoughts on Valuation
PT Global Digital Trade (BliBli) Pre-IPO – The Positives – Wide Offering, Strong COVID Bounce Back
- PT Global Digital Trade (1437710D IJ) (BliBli) aims to raise up to US$530m in its Indonesian IPO.
- BliBli provides e-commerce services across Indonesia to both retail consumers and institutions
- In this note, we’ll talk about the positive aspects of the deal.
Blibli IPO – Indonesia E-Commerce Is Struggling, Blibli Even More So
- Blibli (1437710D IJ), one of Indonesia’s leading e-commerce platforms is looking to raise around $470-530m via an IPO on Indonesia Stock Exchange.
- Looking at Shopee’s struggles in the past year and Bukalapak’s rapid fall following the IPO, we think investors are unlikely to be interested in the Blibli IPO.
- This could mean that Blibli’s days are numbered as it is resting all hopes on the IPO to fund its short-term loan repayment obligations.
Blibli IPO: The Bear Case
- Blibli (1437710D IJ), a leading Indonesian e-commerce player, has launched an IDR8.2 trillion (US$530 million) Indonesian IPO. Bookbuilding is from 17 to 24 October.
- In Blibli IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
- The key elements of the bear case rest on weak sector sentiment, an unclear path to profitability, and credible long-term funding to support the high cash burn.
Giant Biogene Pre-IPO – Thoughts on Valuation
- Giant Biogene Holding (GBH HK) aims to raise around US$500m in its Hong Kong IPO.
- GB is a leader in the bioactive ingredient-based professional skin treatment product industry in China.
- We had looked at the company’s past performance and undertaken a peer comparison in our previous notes. In this note, we’ll talk about valuations.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
