Bukalapak

History

2021: Exit to the exchange

On August 6, 2021, Bukalapak entered the exchange. On the first day, the company's shares rose by 25%, to 1,060 rupees ($0.074) from the initial offering price of 850 rupees ($0.059).

According to CNBC, as investors piled on the IPO, a sharp jump in the share price set in motion a mechanism for the automatic refusal of the Indonesian Stock Exchange. This function rejects a further increase in the value of shares as soon as it reaches the upper limit. Shares worth 200 rupees ($0.014) to 5,000 rupees ($0.35) can rise in price by only 25%.

According to Romaine Jackson, head of Southeast Asia at Dealogic, the open offering showed that investors are optimistic about Southeast Asia, especially in e-commerce.

Internet marketplace Bukalapak entered the exchange

{{quote 'Bukalapak is one of the leading e-commerce platforms in Indonesia, but it is clearly not among the first or second players. This shows how great the appetite and desire to acquire these names in Southeast Asia and in a market like Indonesia is, "said Romaine Jackson.]]

Investors buy Southeast Asian technology and many SPACs or specialized acquisition companies revolve around startups in the region, which cost more than $1 billion, Jackson explained. He added that Southeast Asia is now one of the hottest global markets where e-commerce is emerging amid a large market.

Bukalapak focuses on millions of Indonesian stores, many of which were forced to switch offline to online as a result of the pandemic. The company, supported by Alibaba affiliate Microsoft and Singapore sovereign wealth fund GIC, competes with companies such as Tokopedia, Lazada and Sea's Shopee.

We are 10 years behind China, five to seven years behind India. So we still have a lot of opportunities for growth, "said Vinny Lauria, managing partner of the venture capital firm Golden Gate Ventures.

Bukalapak is the first of four Indonesian technology unicorns to enter the exchange. Tokopedia and Gojek previously merged into the GoTo Group, which is also considering an IPO. Traveloka is reportedly exploring the possibility of a SPAC listing.^[1]

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