Indonesian e-commerce operator PT posted a 35% increase in first-half revenue and narrowing losses in the debut report since its initial public offering, driven by surging demand for online shopping as the coronavirus raged.

Revenue rose to 864 billion rupiah ($81 million) as transactions processed reached almost US$4 billion ($5.73 billion), the Jakarta-based company said in a statement. Net loss shrank to 766 billion rupiah from 1.03 trillion rupiah a year earlier as the company reduced expenses.

Bukalapak went public in August after raising US$1.5 billion in Indonesia’s biggest-ever IPO. The share price has fluctuated since as investors gauged the company’s prospects in Southeast Asia’s rapidly expanding but competitive e-commerce market. The stock surged 25% on the first trading day, though it has pared gains since and was little changed at 940 rupiah in early Wednesday trading, leaving it 11% above the 850 rupiah IPO price.

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