AAA Bukalapak packs up $7.6bn market cap

Bukalapak packs up $7.6bn market cap

Indonesia-based, corporate-backed e-commerce platform operator Bukalapak has gone public, with shares closing at Rp 1,060 ($0.0738).

The price represents a 25% increase from an initial public offering price of Rp 850 ($0.059). Indonesia Stock Exchange (IDX) halted trading through its mechanism that prevents shares from rising more than 25% per day.

Bukalapak’s market capitalisation stands at $7.6bn. It had aimed to raise $1.5bn at a $6bn valuation when it unveiled plans on July 21.

Founded in 2010, Bukalapak provides an online marketplace that works with some 6.5 million merchants and 100 million shoppers. It also has a business-to-business supply chain platform and a financial services arm dubbed Buka Investasi Bersama.

The company had received backing from investors including e-commerce group Alibaba affiliate Ant Group, price comparison portal Aucfan, media groups Emtek and Gree (the latter through Strive), software supplier Microsoft and internet group Naver.

Its last funding before the offering was a $234m round in April 2021 co-led by Emtek, Microsoft and GIC and backed by Naver, Standard Chartered subsidiary SC Ventures and fellow financial services firms Bank BRI and Bank Mandiri.

By Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.