PT Bukalapak.com finally commences its market debut on Friday. Upon its IPO d-day, Bukalapak received a warm welcome from investors marked by a 25% surge in its shares.
Investors stormed online platforms such as Ajaib and Stockbit to purchase Bukalapak’s shares. As a result, shares for Bukalapak, Indonesia’s first listed tech unicorn, closed at Rp1,060 ($0.0738). Bukalapak reached the figure after touching the 25% limit minutes after opening.
Accordingly, Bukalapak’s IPO size was increased in multiple rounds. The company collected roughly $6.5 billion of interest from institutional and retail investors. Additionally, the IPO retail segment grew twice bigger to 5%.
“We initially ran a non-deal roadshow for 10 days in a row and I was literally having 11-12 meetings every day from 8 till 11 at night and these had to get extended as there was so much more interest,” Bukalapak’s president, Teddy Oetomo said in an interview, Reuters quotes.
Previously, Bukalapak managed to raise $1.5 billion, elevating the company’s value to $6 billion and marking the biggest IPO in Indonesia. Its remarkable market debut further boosted its market value to $7.5 billion. This takes Bukalapak to Indonesia’s 15 biggest companies.
Wilson Cuaca, a co-founder and managing partner at Indonesia-focused venture capital firm East Ventures said that Bukalapak’s market debut could affect upcoming Indonesia listings. Quoted from Reuters, Cuaca said, “This event will create a snowballing effect and show the path for more Indonesia listings”.
More about Bukalapak
Bukalapak has been operating for ten years. Ant Group, Singapore sovereign fund GIC, Microsoft and conglomerate Emtek Group are several names that back up Bukalapak. According to Reuters‘ reportage, Bukalapak generated a 26% increase in its revenue to $96 million in 2020.
In a region that homes over 400 million internet users, Bukalapak records around 105 million users. The platform hosts around 7 million agents, primarily street kiosks and other small shops from smaller cities in the country and connects them to consumer goods distribution.