With its record $1.5 billion initial public offering (IPO) earlier this year, online to offline marketplace Bukalapak has become a bellwether for technology startups seeking to list in the country.
At the recently concluded Asia PE-VC Summit 2021 [Sept 28-Oct 1], Bukalapak CEO Rachmat Kaimuddin answered wide-ranging questions about the company’s run-up to the IPO, including the challenges it faced, and its performance as a public company so far.
“The task for us is to continue working very hard to grow the company, improve the numbers and the performance, and communicate the progress periodically. I think if we do a good job, the market at some point will reward that progress with the share price,” he said, in response to a question on Bukalapak’s tepid stock performance. [Note: Bukalapak made a stellar debut on the IDX on August 6, 2021, with its shares opening 24.11% higher than the IPO price of Rp850 apiece. Its shares closed at Rp1,060 after touching the bourse’s 25% limit on debut day. However, since opening day, Bukalapak’s share price has dropped 31.13%. The stock closed on Oct 15 at Rp730].
Kaimuddin also spoke about the way ahead for the company, including its planned expansion into tier three and four markets in Indonesia, plans to capitalise on alliances with Emtek and Grab, and growing its financial services business.
Edited excerpts of a fireside chat with Kaimuddin: