Bukalapak to file for IPO next month
Bukalapak.com CEO Rachmat Kaimuddin on 9 July announced the company’s plan to hold an initial public offering (IPO). The bookbuilding for the IPO was started on the same day and will last until 19 July. This move made Bukalapak the first Indonesian unicorn to hold an IPO.
Bukalapak is expecting an effective licence from the Financial Services Authority (OJK) to be published on 26 July. The IPO is expected to be held on 28-30 July, while the listing on the Indonesia Stock Exchange, under the ticker BUKA, is scheduled for 6 August.
Rachmat hoped the company could provide opportunities for anyone “to grow together in creating a digital ecosystem and empower MSMEs in Indonesia.” At the press conference, he highlighted Bukalapak’s main concerns that include MSMEs and how to empower them. He also highlighted Bukalapak’s most notable program, Mitra Bukalapak, that is aimed at empowering warung owners as well as providing a way for non-digitised communities to benefit from e-commerce.
Bukalapak VP for Corporate Affairs Siti Sufintri Rahayu told TFR that the company “will always explore any opportunity to grow and flourish financially.” She added that Bukalapak's focus right now is “to become a sustainable company and create added value for partners and users in the future.”
Bukalapak appointed Mandiri Sekuritas and Buana Capital Sekuritas as managing underwriters and UBS Sekuritas Indonesia and Mirae Sekuritas as underwriters for the IPO. As the corporate action will also target international investors, Bukalapak authorised UBS AG Singapore Branch and Merrill Lynch (Singapore) Pte. Ltd. as joint global coordinators and joint bookrunners.
However, Bukalapak appears to be consistent with its #BanggaBuatanIndonesia campaign as the company keeps its focus on empowering local MSMEs. Today, about 70% of items on the e-commerce platform, including those under the Fashion, Beauty and Food categories, are local products, said Bukalapak AVP for Marketplace Quality Baskara Aditama. Even so, he also noted that during the pandemic, demand for several items under the Health category increased exponentially.