Heaptalk, Jakarta – After being officially listed in the Indonesia Stock Exchange (IDX) on Friday (06/08), the share of PT Bukalapak.com, the archipelago’s fourth-largest e-commerce company, ramps up by 25% and hit the auto rejection upper limit (ARA). In its first debut as IDX’s first listed technology unicorn, Bukalapak has made history as the Southeast Asian country’s biggest initial public offering (IPO) by raising US$1.5 billion.
“The listed of Bukalapak’s share has chalked out the history. Bukalapak is the first unicorn listed in IDX and, even, in the Southeast Asia stock exchange,” said the president director of IDX Inarno Djajadi, as cited in Kompas (6/8).
This IPO’s value has managed to break the previous record held by PT Adaro Energi Tbk that has been listed in IDX since 2008. Even though Bukalapak is the 28th Company listed in IDX this year, it does not undermine public euphoria to flock to buy its shares. A total of 96,000 investors was attracted to be part of the history of the birth of new gigantic companies from Indonesia that is believed can grow rapidly, like the imprint of the previous startup overseas, Alibaba.
The high investor fervor is supported by several factors spanning the performance, market share, management, and company’s shareholder. Last year, the Firm with issuer code BUKA recorded losses by around US$92.7 million, yet, the losses amount declined by 51.75% compared to the previous year that reached nearly US$193.15 million.
The spectacular performance is inseparable from Bukalapak’s management role that was appointed the first child of former president Abdul Rahman Wahid, Yenny Wahid as the independent commissionaire. Moreover, the prospectus issued by the Company in 2020 also elaborated It holds 14.8 % of the whole e-commerce segment across Indonesia and is dominated by 35% of the market share other than tier 1. A row of its well-known existing shareholders, such as Microsoft, EMTK, BVI, and Standard Chartered UK Holdings Limited, that will lock up their share for eight months surged the people’s enthusiasm.
The result, afterward, has brought Bukalapak as the big cap issuer within a day with a market capitalization value is over US$70 billion. As reported by Bloomberg, the amount of Buka’s market capital reached over US$7.5 billion. The emergence of this unicorn market cap, further, has a huge impact on IDX, proven by its ability to increase IDX’s total market cap by US$5.8 billion in merely one day. By its vast market cap, Bukalapak has the potential to be one of the major issuers that can stimulate the Composite Stock Price Index (CSPI).
Looking forward, the offering of Bukalapak shares will reopen next Monday, and according to the head of research of MNC Securities Edwin Sebayang, investors’ euphoria towards Bukalapak’s share will keep going in the following week, so ARA is likely to happen.
“(The high investor fervor) will continue on the next Monday because there is 20 million lot of bid at the price of Rp1,060 (US$0.0738)”, said Edwin in a statement.
