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Bukalapak eyes IDX listing in July
E-commerce Bukalapak is reportedly going public on the Indonesia Stock Exchange (IDX) on July 29, as stated in a leaked mini public expose document.
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Valued at $2.5 billion, e-commerce firm Bukalapak is one of Indonesia’s five unicorn start-ups. The company is planning to go public on the Indonesian Stock Exchange (IDX) by the end of July. (Shutterstock/Herwin Bahar)
H
omegrown e-commerce unicorn Bukalapak plans to conduct an initial public offering (IPO) in Indonesia on July 29, according to a mini public expose document leaked to the media.
The document showed that Bukalapak would be listed at the Indonesia Stock Exchange (IDX) under the ticker BUKA and it would offer up to 25 percent of its enlarged capital.
“We are continually looking at financing and growth opportunities for the company. However, no decisions have been made at this time,” Bukalapak corporate affairs vice president Siti Sufintri Rahayu told The Jakarta Post on Thursday.
She went on to say that the company would focus on finding strategies to become a sustainable company and create value for its customers and partners.
According to the leaked document, Bukalapak’s net losses shrank 51.7 percent year-on-year (yoy) to Rp 1.35 trillion (US$93.46 million) last year even though income rose 25.5 percent yoy to Rp 1.35 trillion, which was insufficient to offset a 34.6 percent yoy sales and marketing expenses to Rp1.52 trillion. Thus, the company plans to focus on attaining “near-term profitability.”
Valued at $2.5 billion, Bukalapak is one of Indonesia’s five unicorns, which are start-ups valued above $1 billion. The others are ride-hailing company Gojek, travel booking firm Traveloka, e-commerce outlet Tokopedia and e-wallet provider OVO.
Despite their significant funding and soaring gross merchandise values (GMVs), not one of the five unicorns has recorded a profit so far.
