How is Indonesia’s exit landscape shaping up?

With Harold Ong, Partner, Indies Capital

Gary Khoeng, Partner, Vertex Ventures SE Asia and India

Christian Sugiarto, Managing Director and Chief Investment Officer, Capsquare Asia Partners

Bukalapak’s public listing six months ago was a highly-anticipated event, but the stock is down by some 60% since the IPO, amid a broader tech selldown across markets. 

Continued volatility has likely put upcoming unicorn IPOs on hold, industry observers say, as founders and investors alike watch and wait for calmer waters. 

What do the developments mean for maturing startups in Indonesia and their investors? What are the implications on valuations, and the broader ecosystem? Are IPOs still an attractive exit route for startups and their investors? What are the alternatives?

Harold Ong, Partner at Indies Capital, has been leading the private equity firm’s tech and tech secondaries investments. Gary Khoeng, Partner at Vertex Ventures Southeast Asia and India, focuses on investments in high-growth startups in Indonesia.

Christian Sugiarto is managing director and CIO at Capsquare Asia Partners that is focused on investing in SE Asian mid-market firms in consumer-driven or technology-based companies.