Bukalapak is a popular e-commerce platform (online marketplace) in Indonesia that facilitates sales between (mostly) the nation’s micro, small and medium enterprises (MSMEs) and consumers. This platform was founded by Achmad Zaky, Fajrin Rasyid and Nugroho Herucahyono in 2010. Within one decade it has evolved into a business empire and network that involves some 105 million registered users, 13.5 million MSMEs (including 6.9 million partners), and over 300 local distributors.

Bukalapak’s IPO

According to Bukalapak’s prospectus, the company will sell 25.76 billion shares to the public priced in the range of IDR 750 to IDR 850, each, in this IPO. This would raise a total of between IDR 19.3 trillion (or approx. USD $1.3 billion) and IDR 21.9 trillion (approx. USD $1.5 billion). The shares that are offered to the public equal 25.0 percent of the company’s enlarged capital. Local, regional and foreign investors, especially those focused on investment in (digital) technology, are all very welcome to invest in this platform.

Bukalapak appointed Mandiri Sekuritas and Buana Capital Sekuritas as managing underwriters for the IPO, while UBS Sekuritas Indonesia and Mirae Sekuritas act as underwriters. For international investors, Bukalapak authorized UBS AG Singapore Branch and Merrill Lynch (Singapore) Pte. Ltd. as joint global coordinators and joint book runners for the IPO.

After the IPO, Bukalapak’s market capitalization on the IDX is estimated to be around IDR 80-88 trillion (approx. USD $5.8 billion), which should make Bukalapak rank among the 20 biggest publicly-listed companies (based on market capitalization) in Indonesia, possible somewhere around 14th-17th position (for comparison, in case the combination of Gojek-Tokopedia, or GoTo, goes ahead with its IPO plans, then it is estimated to become the second-largest company on the IDX in terms of market capitalization).


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