J&T Express, one of the most popular logistics firms from Indonesia, is considering a US initial public offering (IPO), with plans to raise over $1 billion in funding.
In the event of the IPO, J&T would potentially be valued over $5 billion.
Moreover, the Jakarta-based company is also planning to open a new funding round after it has just raised $300 million recently.
According to the report, the size and timetable of J&T's IPO could change as the fundraising process continues.
J&T Express could be the largest Indonesian company in the US listing
According to Bloomberg data, J&T Express could surpass telecommunications tower operator PT Indosat as the largest Indonesian company to list in the United States.
J&T Express will also be the first Indonesian company to list on the New York Stock Exchange (NYSE) since 2019 if the IPO is successful.
Online shopping sites have put J&T in high demands
PT Tokopedia and Bukalapak.com, both based in Indonesia, and Shopee, a subsidiary of Singapore-based Sea Ltd, are among J&T Express's partners.
The courier service has been in high demand since customers rapidly switched to online shopping as the global pandemic struck.
Launched in 2015 by Jet Lee and Tony Chen, the firm has already expanded its services to Singapore, Malaysia, and the Philippines among others.