Indonesian e-commerce firm Blibli, backed by conglomerate Djarum Group, plans to launch an initial public offering (IPO) next month on the Indonesia Stock Exchange (IDX) to raise as much as 8.17 trillion rupiah ($528.29 million), Reuters reported on Monday.

Blibli’s operator PT Global Digital Niaga plans to sell as many as 17.77 billion shares, 15 percent of total capital, at a price range of 410 rupiah to 460 rupiah a piece in a share sale offering set for November 1 to 3, the company said in a prospectus.

The IPO plan follows the $1.1 billion IPO of GoTo Group, Indonesia’s biggest tech firm, earlier this year and the 2021 $1.5 billion IPO of BukaLapak.

Blibli will use 5.5 trillion rupiah of the proceeds to pay back bank loans, with the remaining to be used as working capital to develop its platform.

Founded in 2011, said it is an e-commerce platform built upon a big dream: to lead Indonesians to enter a new digital lifestyle and give only the best shopping experience for a better life. The company said it aims to become the number 1 e-commerce platform in Indonesia by providing the best customer-centric experience for both buyers and sellers. Djarum is one of the largest cigarette manufacturers in Indonesia.

Indonesia’s GoTo to raise $1.1B in IPO