One of Indonesia’s biggest e-commerce companies, Bukalapak (PT Bukalapak.com (BUKA)), has officially recorded its first IPO on Indonesia Stock Exchange (IDX) starting last August 6, 2021. Bukalapak is mentioned as the 28th company that has done IPO this year. However, the special thing from this IPO is that this is the first unicorn tech company in the IDX.
This special fact has piqued lots of investors’ interest, pooling more than 96,000 investors. Due to this, the price of the shares then suddenly increases to almost 25% on the first session. The IPO even had overdemand to 8.7 times with orders coming from more than a hundred thousand investors according to Mandiri Securities (even though the company has offered more than 25.76 billion shares). All of this has made this IPO reached the highest in the history of IDX.
Although the IPO shows a bright future on the first day, unfortunately, from 9 August (second session), the price has dropped & is predicted to be below the IPO price (Rp.850/ shares). According to analysts, investors have high expectations of these shares, however, looking from the operations perspective, the company still needs time to achieve profit. The long-term investment for this company, from some analysts’ perspectives, is still not as profitable as losses are still being recorded however have decreased.
As a counter-argument, however, Bukalapak mentioned that the funds that they received from the IPO are still “on-process” for development. The company still has a long journey ahead. Although yes, the trend might be slowing down currently, but, this IPO has shown that there’s progress in Indonesia’s tech & e-commerce industry and hopefully a brighter future ahead.
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