Shinhan Financial Group expects a jackpot from equity investment in Bukalapak, Indonesia’s fourth largest e-commerce company set to deliver the Southeast Asian country’s biggest initial public offering next month.

The global investment banking (GIB) unit of the South Korean financial conglomerate anticipates doubled profit from its investment made in Bukalapak via the Indonesian firm’s Series F fundraising round in 2019.

Bukalapak last week priced its IPO at the top of its indicated price range - 850 rupiah ($0.06) apiece to raise $1.5 billion, the largest issue in the country. The Indonesian firm’s value is estimated to top $6 billion upon joining the Indonesia Stock Exchange on Aug. 6.

Although Shinhan GIB does not disclose investment amount and stake size in Bukalapak, it expects to double its investment as Bukalapak had been valued at $2.5 billion two years ago.

Bukalapak operating since 2010 is the country’s fourth biggest e-commerce company after Tokopedia, Shopee, and Lazada.

Shinhan GIB focused to unearth promising businesses across the world generated 906.3 billion won ($786.2 million) in operating income last year, up 30 percent from a year earlier. The unit targets to earn 1 trillion won in annual pre-tax income by 2023.

On Monday, shares of Shinhan Financial Group Co. closed 1.04 percent down at 37,950 won in Seoul.

By Kang Doo-soon, Park Chang-young and Cho Jeehyun

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