(Bloomberg) -- Indonesia is set for the biggest initial public offerings this year, then beat that record next year with the listing of marketplace giants like GoTo Group.

Local firms have raised a record 32.1 trillion rupiah ($2.26 billion) from the stock market this year, with 26 companies still in the pipeline, according to Indonesia Stock Exchange Director I Gede Nyoman Yetna. One of those might be PT Dayamitra Telekomunikasi’s potential $1 billion IPO that would bring the total to more than $3 billion if it happens this year.

IPO deals are likely to climb even higher next year as companies need funding when they “recover from Covid, especially those in the green industry,” Financial Services Authority Chairman Wimboh Santoso told Bloomberg.

GoTo, the country’s biggest tech startup that’s seeking a $30 billion valuation, and PT Global Digital Niaga, an e-commerce platform known as Blibli that’s backed by Djarum Group, both plan to go public in 2022. PT Pertamina also plans to offer its units for listing next year.

“With more big IPOs, the Indonesian stock market will become more liquid and foreign flows may pick up,” said Henry Wibowo, head of research at JP Morgan Sekuritas Indonesia.

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