Bukalapak pulls off Indonesia's biggest-ever IPO

Jakarta-based e-commerce company Bukalapak pulled off Indonesia's biggest initial public offering on the Indonesian Stock Exchange, raising about $1.5 billion.

With shares priced at about $0.06, it shot up nearly 25 percent in its first trading session.

The offering was 8.7 times oversubscribed, with orders coming from almost 100,000 investors, said Silva Halim of Mandiri Sekuritas, one of the deal's underwriters.

Bukalapak is now planning to exercise an over-allotment option for retail investors.

The company will use its IPO proceeds to roll out more features for its merchants, allowing them to offer more products and services.

The Jakarta-based firm teamed up with millions of local mom-and-pop shops to facilitate online orders.

Consumers may use Bukalapak's systems for topping up phone credits, booking bus tickets, or making other purchases.

The company is backed by big-name investors, including Microsoft and Standard Chartered.

Bukalapak president Teddy Oetomo said they are seeking to achieve profitability in less than 36 months.