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Indonesia's Blibli closes flat in market debut after $510m IPO

E-commerce company is the latest to test stock investors' appetite

Blibli CEO Kusumo Martanto, center, addresses reporters in Jakarta in October. "We hope to increase investor confidence in the technology sector," he said on Nov. 8. (Photo by Nana Shibata)

JAKARTA -- Blibli shares gave up all of their initial gains of nearly 5% in the company's Indonesian stock market debut on Tuesday, closing unchanged from their initial public offering price.

The shares traded as high as 472 rupiah, a gain of 4.8%, in the opening minutes of trading from the IPO price of 450 rupiah but ended the session back where they started, giving the company a market capitalization of 53.31 trillion rupiah ($3.4 billion).

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