Benzinga | Apr 1, 2021 01:54PM EDT

Indonesian Logistics Company J&T Express Evaluating $1B US IPO: Bloomberg

* Indonesian courier company J&T Express is planning to raise over $1 billion from a U.S. initial public offering (IPO) as soon as the fourth quarter, at a $5 billion valuation, becoming the first Indonesian firm to list in the U.S. since 2019, Bloomberg reports.

* The company is planning new funding round after raking in $300 million in the most recent funding round.

* J&T Express could challenge telecom tower operator PT Indosat Tbk (OTC: PTITF) $1.05 billion IPO in 1994.

* J&T Express has expanded into Malaysia, Vietnam, Indonesia, Thailand, Singapore, Cambodia, and China since its 2015 inception. The courier company recently launched an air freighter in Tangerang.

* J&T Express partners include Indonesia's e-commerce firms PT Tokopedia and Bukalapak.com, and Singapore-based Sea Ltd owned, Shopee.

* The pandemic induced online shopping acted as a significant demand driver for logistics and warehouses, further triggered by the 267 million Indonesian population spread over 7,000 islands.