Asian Tech Press -- Indonesian e-commerce firm Bukalapak is aiming to launch Indonesia's largest IPO to raise $1.5 billion, according to Reuters.

A few months ago, Bukalapak planned to raise just $300 million in the IPO, later increasing to $800 million. It was even raised to $1.13 billion last week. Compared with the initial plan, the target is now apparently four times higher.

The country's No. 4 e-commerce firm plans to expand its offering to 25.77 billion shares at a price of Rp850 per share, at the top end of its price range Rp750-Rp850, people familiar with the matter said.

Bukalapak will be valued at about $6 billion after the expanded offering, sources said.