Indonesia 4th Largest E-Commerce Bukalapak IPO in Indonesia, Rises 25% on Day 1 with Market Value fo $7.5 Billion
6th August 2021 | Singapore
Indonesia 4th largest E-Commerce company PT Bukalapak has IPO on the Indonesia Stock Exchange (IDX), rising 25% on Day 1 with a market capitalisation of $7.5 billion. Bukalapak IPO price is 850 rupiah and reach a high of 1,060 rupiah on Day 1 trading, triggering the stock exchange daily limit of 25% increase and closing at 1,060 rupiah. The IPO raised $1.5 billion gives Bukalapak a $6 billion valuation with key investors & shareholders including Ant Group, Singapore Sovereign Wealth Fund GIC, Microsoft, Indonesia Conglomerate Emtek. Bukalapak is the 4th largest E-Commerce company in Indonesia – Shopee, Tokopedia, Lazada (Alibaba), Bukalapak. (IPO ~ Initial Public Offering)
“ Indonesia 4th Largest E-Commerce Bukalapak IPO in Indonesia, Rises 25% on Day 1 with Market Value fo $7.5 Billion “
Indonesia E-Commerce Bukalapak $6 Billion IPO
Bukalapak was founded in 2010 by University mates Achmad Zaky, Fajrin Rasyid and Nugroho Herucahyono (left in 2020) from Indonesia’s Bandung Institute of Technology, selling bikes and biking accessories. Today, Bukalapak connects street kiosks and mom-and-pop shops to consumer goods distributors, reducing the cost of goods and reducing layer of re-distributors. 70% of Bukalapak’s transactions comes from non-top tier cities in Indonesia. (Bukalapak in Bahasa Indonesia ~ “Open Stall”)
In 2020, Bukalapak reported revenue of $96 million, 105 million registered users and 6.9 million agents (small kiosks and shops).
The Bukalapak IPO
The IPO raised $1.5 billion at $6 billion valuation with key investors & shareholders including Ant Group, Singapore Sovereign Wealth Fund GIC, Microsoft, Indonesia Conglomerate Emtek. Bukalapak is the 4th largest E-Commerce company in Indonesia – Shopee, Tokopedia, Lazada (Alibaba), Bukalapak.
The Bukalapak IPO main underwriters are Mandiri and Buana Capital, and co-unwriters are UBS and Mirae Asset. The global coordinators and joint book runners are UBS and Merrill Lynch.
Southeast Asia, Indonesia
Southeast Asia has more than 650 million population and a combined GDP of more than $3.1 trillion. Indonesia has a GDP of more than $1 trillion, and has the 4th largest population in the world with 270 million.
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