Bukalapak, the Indonesia-based online marketplace backed by multiple corporate investors, has priced its initial public offering at the top of its range and will raise $1.5bn, Reuters reported yesterday.
The share price values the company at about $6bn, according to three sources familiar with the matter. It is set to float on the Indonesia Stock Exchange next month.
Founded in 2010, Bukalapak operates an e-commerce platform with 6.5 million online sellers and 100 million users, and also runs a business-to-business procurement platform as well as a digital financial services subsidiary called Buka Investasi Bersama.
Media group Emtek, software provider Microsoft and Singaporean sovereign wealth fund GIC co-led a $234m round for the company in April this year that included internet group Naver and Standard Chartered’s SC Ventures unit, and fellow banking firms Bank BRI and Bank Mandiri were revealed as investors the following day.
Bukalapak had previously closed an undisclosed amount of series F funding from investors including Emtek and financial services firm Shinhan Financial Group’s Shinhan GIB subsidiary in October 2019 at a valuation topping $2.5bn.
The Naver-backed Mirae Asset-Naver Asia Growth Fund had invested $50m in the company nine months earlier, following an undisclosed amount of funding from unnamed backers in a 2017 round valuing it at over $1bn post-money.
Emtek subsidiary Emtek KMK had participated in Bukalapak’s $2.4m series B round in 2015, after an undisclosed amount of series A funding from digital media group Gree’s Strive unit (then Gree Ventures) price comparison platform Aucfan and 500 Startups.
500 Startups was identified as an existing investor in the series A round, and Ant Group, the financial services affiliate of e-commerce group Alibaba, is also among the company’s shareholders.
Bank of America and UBS are joint global coordinators for the offering and are joining Mandiri as bookrunners.
