By Sarah Chan
Indonesian fintech company Akulaku has confidentially filed for an initial public offering in Hong Kong, seeking to raise between US$300 million and US$500 million as Southeast Asian companies increasingly look to the city’s recovering IPO market for fresh capital.
The Jakarta based company, which counts Alibaba affiliated Ant Group among its backers, submitted the confidential filing as it considers Hong Kong for a public listing after previously weighing a flotation in the United States, according to IFR, which reported the development on Tuesday.
Akulaku’s proposed fundraising could give the company a valuation and market profile that extend well beyond its home market. The company was reportedly valued at about US$2 billion in 2025.
The confidential filing does not mean Akulaku has committed to completing the share sale. Companies can continue discussions with regulators and advisers before determining the final size, timing and terms of an offering.
Still, the filing puts Akulaku among a growing group of Southeast Asian businesses examining Hong Kong as a source of international capital.
From Indonesian startup to regional fintech
Akulaku was founded in 2016 and has built its business around financial services and digital commerce.
Its operations include consumer financing, e commerce and digital banking, giving the company exposure to several areas of the rapidly expanding digital economy in Southeast Asia.
Consumer financing forms an important part of the business model, while its wider operations connect financial services with online commerce. Digital banking has also become an increasingly important area for financial technology companies seeking to expand beyond traditional lending and payments.
The company has attracted investment from several major international institutions.
Ant Group, the financial technology affiliate of Chinese e commerce giant Alibaba, is among Akulaku’s investors. Other backers include IDG Capital and Mitsubishi UFJ Financial Group, giving the Indonesian company a shareholder base that includes investors from China, the United States and Japan.
Those investors have provided Akulaku with financial backing as it expanded its business and pursued opportunities in Southeast Asia’s growing digital financial sector.
A Hong Kong listing would give the company access to one of Asia’s major international financial centres and potentially broaden its investor base beyond existing private market shareholders.
Hong Kong gains another Southeast Asian listing candidate
Akulaku’s decision to pursue Hong Kong follows a period of renewed activity in the city’s primary market.
Hong Kong has long served as a fundraising centre for companies operating across Asia, particularly businesses seeking access to international investors. The market has also experienced periods of weak IPO activity in recent years, making the return of larger and more internationally focused offerings significant for bankers and investors.
The planned Akulaku offering would add an Indonesian technology company to a growing list of Southeast Asian businesses considering the city.
The shift is notable because Akulaku had previously considered the United States as a potential listing destination. Choosing Hong Kong instead would reflect the company’s focus on Asian capital markets and its existing links with major Asian investors.
For Southeast Asian companies, the attraction of a Hong Kong listing extends beyond the amount of money raised.
A public listing can provide a company with a broader pool of institutional investors, a recognised market for its shares and a public valuation that can support future fundraising and expansion.
For Hong Kong, meanwhile, attracting companies from fast growing Asian economies can broaden the range of businesses represented on the exchange.
Other regional companies test Hong Kong market
Akulaku is not the only Southeast Asian company to turn to Hong Kong this year.
The Stock Exchange of Hong Kong has attracted Malaysian civil engineering contractor BBSB International, which listed in the city under stock code 8610.
The listing added another Southeast Asian business to the Hong Kong market at a time when companies from the region have been examining different routes to international funding.
Singapore has also featured in recent Hong Kong IPO activity.
Singapore based container depot operator EKH saw strong demand for the retail portion of its proposed Hong Kong offering, with the tranche recording oversubscription. The company later decided not to proceed with the share sale at that time.
The developments involving BBSB International and EKH show both sides of the current market.
Companies are willing to test investor appetite in Hong Kong, but strong demand for a proposed offering does not automatically guarantee that a deal will proceed.
For companies preparing a listing, decisions can change because of market conditions, valuation expectations, regulatory considerations or broader corporate plans.
Why the proposed fundraising matters
If Akulaku completes a Hong Kong IPO at the reported target size, it could raise between US$300 million and US$500 million.
That would place the proposed transaction among the more substantial recent fundraising efforts by a Southeast Asian fintech seeking a listing outside its home market.
The funds could provide additional financial capacity for a company operating across consumer finance, e commerce and digital banking. However, the precise use of proceeds will depend on the final prospectus and terms of the offering.
The reported target also gives investors an early indication of the scale Akulaku is considering.
A US$300 million offering would provide a significant pool of fresh capital, while a US$500 million transaction would represent a considerably larger debut and could attract broader attention from institutional investors.
The eventual size could change before the company reaches the public offering stage.
A different route from the US market
Akulaku’s reported decision to move away from its earlier US listing considerations is also significant.
The United States remains one of the world's largest equity markets, but Hong Kong offers companies in Asia a listing venue closer to their regional operations and investor networks.
Akulaku’s investor base already includes Ant Group, IDG Capital and Mitsubishi UFJ Financial Group. A Hong Kong listing could place the company closer to many of the financial institutions and investors that follow Asian technology and consumer businesses.
The move also comes as Hong Kong seeks to strengthen its position as a venue for new listings after a challenging period for global equity markets.
For companies from Southeast Asia, access to international investors is becoming increasingly important as digital finance businesses expand across borders and compete for capital.
Akulaku’s business model fits that broader trend. Its combination of consumer finance, online commerce and digital banking reflects the way financial technology companies have increasingly sought to combine lending and financial services with digital platforms.
Confidential filing leaves key details open
Because the filing was made confidentially, important details of the proposed transaction have not yet been made public.
The eventual listing timetable, valuation, share structure, offer price and final fundraising amount remain subject to the company’s progress through the listing process.
A confidential submission can allow a prospective issuer to work through regulatory and transaction preparations before making the full details of its plans public.
Investors will therefore be watching for further information on Akulaku’s financial performance, growth strategy and intended use of IPO proceeds if the company moves closer to a formal offering.
The reported US$2 billion valuation from 2025 will also provide an important reference point, although a private market valuation does not necessarily translate directly into a public market valuation.
Market conditions at the time of listing, investor demand and the company’s financial results will all influence how Akulaku is ultimately priced.
For now, the reported filing signals that one of Indonesia’s better known fintech companies is preparing for a possible move into the public markets.
With a fundraising target of as much as US$500 million and backing from prominent international investors, Akulaku’s proposed Hong Kong listing will be closely watched as the city seeks to attract more companies from Southeast Asia and strengthen its position as a regional fundraising centre.