The Indonesian stock market debut of Blibli was the country's second-largest initial public offering this year.
The IPO price of 450 rupiah per share was higher than the early trading price of 478 rupiah. The company raised almost half a billion dollars.
The stock was trading at around 454 rupiah.
Since GoTo IPO in April, there have been two more tech companies to list in Southeast Asia.
An online marketplace selling a range of household and lifestyle goods is owned by an Indonesian e-commerce group which also runs an online travel business.
The company is supported by one of Indonesia's largest conglomerates.
Inflation, rising interest rates, a looming recession and volatility in the tech sector are some of the macroeconomic factors that come into play when a listing is made.
GoTo is trading 42% below its IPO price.
SeaLimited's share price plummeted from $340 a year ago to $48 today as the company faced operational uncertainty and billions of losses. Grab dropped from its opening share price of $13.06 to $2.94 today.
GoTo, Grab and SeaLimited have grocery shopping categories as well, suggesting that Blibli could be a part of a larger trend.
According to research by Facebook and Bain, online grocery shopping was one of the fastest growing segments last year.
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