Shares of Indonesian e-commerce firm Pt jumped almost 25 percent on its first day of trading on Friday after its shares were officially listed on the local stock exchange.

Its share price surged 24.7 percent to trade at 1,060 rupiah ($0.074), up from its IPO price of 850 rupiah ($0.059). The increase also hit the upper limit at the bourse and the share price continued to stay at 1,060 rupiah as of 1:37 PM local time.

Listed on the Development Board, Bukalapak is the 28th listed company on the Indonesia Stock Exchange (IDX) this year, the IDX said in a statement on Friday.

The company raised $1.5 billion in the country’s biggest-ever initial public offering (IPO), according to media reports.

The listing of Bukalapak is expected to set the benchmark for other IPO hopefuls in the region. The debut also comes ahead of another highly-anticipated listing in the country — Goto – a ride-hailing, food delivery, and e-commerce giant formed through a merger of Gojek and Tokopedia. Indonesia’s travel unicorn Traveloka, Singapore’s ride-hailing unicorn Grab, and PropTech firm PropertyGuru also plan to go public via blank-cheque companies.

Bukalapak is Indonesia’s fourth-largest e-commerce company after Tokopedia, Sea Ltd’s Shopee and Alibaba’s Lazada. The 11-year-old online marketplace focuses on micro, small and medium-sized enterprises (MSMEs) beyond top-tier cities in the country.

The proceeds from the IPO will be used to raise the company’s working capital and its subsidiaries, Bukalapak said in a statement last month when it announced its listing plan.

“Through this IPO plan, we believe, we can further strengthen our business network and provide opportunities for anyone who wants to grow together in creating a digital ecosystem and empower MSMEs in Indonesia. This is in line with Bukalapak’s mission to create a fair economic opportunity for all,” Bukalapak’s Chief Executive Officer Rachmat Kaimuddin said in the statement then.

Bukalapak counts China’s Ant Group, Singapore sovereign wealth fund GIC, Microsoft among its backers.

Bloomberg reported that Bukalapak’s debut gain on Friday also pushes its valuation to 109 trillion rupiah ($7.58 billion), its data showed.