UPDATE 3-Indonesia's Blibli rises 4.9% in debut, bucking tech sell-off

(Adds latest company’s comments and closing prices)

JAKARTA, Nov 8 (Reuters) - The operator of Indonesian e-commerce platform Blibli saw its stock climb as much as 4.9% in its debut on Tuesday, after raising 7.99 trillion rupiah ($509 million) in the country’s second-biggest initial public offering (IPO) this year.

The stock market in Jakarta has been the outlier in emerging Asia this year, with growth of about 7% so far, while most peers are in contraction.

Kusumo Martanto, CEO of Blibli operator PT Global Digital Niaga Tbk said the firm would improve its cost efficiency measures and have more strategic partners in its platform, from global to domestic brands.

“We believe we are solid enough to face the (global) uncertainties,” he told a news conference.

In the first six months of 2022, Blibli posted a net loss of 2.5 trillion rupiah, more than double from the same period last year, according to its prospectus.

Martanto gave no timeline for the firm’s profitability.

Aside from e-commerce, the company also runs online ticket provider and listed grocery unit PT Supra Boga Lestari Tbk.

Blibli’s operator sold 17.77 billion shares or 15% of total capital in the share sale earlier this month at 450 rupiah each.

The stock rose as high as 472 rupiah on Tuesday, bucking a global hammering of technology stocks. Blibli’s share closed at its IPO price at 450 rupiah. The main index closed down 0.74%.

The market capitalisation of the firm was 53.3 trillion rupiah upon IPO, the company said.

The IPO followed a $1.1 billion share sale of Indonesia’s biggest tech firm PT GoTo Gojek Tokopedia Tbk earlier this year and $1.5 billion sale last year of rival PT Tbk.

The shares of both GoTo and Bukalapak surged by double digits on their debuts, by 23% and 25% respectively, before posting gradual declines as analysts warned on tech valuations.

GoTo’s shares on Tuesday closed at 194 rupiah each or half of their IPO price. Bukalapak’s shares closed at 280 rupiah, down 67% from the IPO price.

Blibli, backed by of one of Indonesia’s biggest conglomerates, Djarum Group, plans to use 69% of funds raised in the IPO to repay bank loans and the remainder for working capital to develop its platform. ($1 = 15,675.0000 rupiah) (Reporting by Stefanno Sulaiman and Ananda Teresia; Editing by Christopher Cushing, Martin Petty)