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Bukalapak, Indonesia’s biggest IPO, up 25 percent in blockbuster debut

The app logo of Indonesian e-commerce company Bukalapak is seen on a mobile phone next to a stock graph displayed in this illustration picture taken July 14, 2021. REUTERS/Florence Lo/Illustration

Shares of Indonesia’s first listed tech unicorn, PT Bukalapak, surged by 24.7 percent at their trading debut on Friday, after the company raised US$1.5 billion in the Southeast Asian country’s biggest initial public offering (IPO).

Shares in the 11-year-old e-commerce company that counts Ant Group and Singapore sovereign fund GIC Pte Ltd among its backers, were priced at 850 rupiah ($0.0592) in the listing, with gains capped by a limit of 25 per cent at the debut.

The first listing of a multibillion-dollar Southeast Asian tech company in Indonesia has fuelled a frenzy among institutional and retail investors, and is expected to set the benchmark for IPO hopefuls in a region where global investors are chasing fast-growing e-commerce markets.

Bukalapak, which focuses on micro, small and medium-sized enterprises beyond top tier cities in Southeast Asia’s largest economy, is the fourth-largest e-commerce player after Tokopedia, Sea Ltd’s Shopee and Alibaba’s Lazada.

Jakarta bourse chief Inarno Djajadi told reporters that with around 96,000 investors participating in the IPO, Bukalapak had attracted the biggest interest among all of the country’s listings.

  • Reporting by Fransiska Nangoy; Editing by Christopher Cushing and Ed Davies, of Reuters.

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