Indonesia's Akulaku confidentially files for HK listing, aiming to raise up to US$500m

Akulaku, an Indonesian fintech company backed by Alibaba (9988)-affiliated Ant Group, has confidentially filed for an initial public offering in Hong Kong, seeking to raise US$300 million (HK$2.34 billion) to US$500 million, IFR reported on Tuesday.

The Jakarta-based company once weighed a US listing before shifting its sights to Hong Kong, and it was reportedly valued at US$2 billion in 2025.

Founded in 2016, Akulaku runs businesses including consumer financing, e-commerce, and digital banking. Ant Group, IDG Capital, and Mitsubishi UFJ Financial Group are among its investors.

The move came as more and more South-East Asian firms turned to Hong Kong's red-hot IPO market to raise funds.

So far this year, the Stock Exchange of Hong Kong has attracted Malaysian civil engineering contractor BBSB International (8610) to be listed in the city, while Singapore's container depot operator EKH's retail tranche recorded oversubscription in the Hong Kong IPO before it decided not to proceed with the share sales at this time.

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