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PT Global Digital Niaga Tbk (BELI IJ) Indonesia

Technology

Aequitas Research

Indonesia’s latest tech IPO sees the owners of eCommerce firm, Blibli, raise approx. US$515m - Sumeet Singh’s pre-IPO analysis revealed no clear signs of profitability improving. Not to mention the lack of synergies across its offerings. He believes the stock will have a similar fate as GoTo, which is trading well below its IPO price and is likely to go even lower when its lock-up expires later this month. Based on Sumeet’s estimates, Blibli should be trading at least 50% below its IPO price.

Edition: 148

- 11 November, 2022