Bukalapak prices Indonesian IPO at top end of range, raises $1.5b

Photo: Bukalapak's LinkedIn page

Indonesian e-commerce firm Bukalapak has raised $1.5 billion in its initial public offering, the country’s largest issue, after pricing it at the top of an indicated price range, three sources familiar with the matter said on Wednesday.

The IPO by Indonesia’s fourth-biggest e-commerce company, which is backed by Singapore sovereign investor GIC and Microsoft among others, comes as Indonesia’s $40 billion e-commerce market is benefiting from strong pandemic-driven demand.

Two of the sources said order books for the IPO, the first by an Indonesian tech unicorn, were multiple times covered, with one saying the issue received more than $6 billion of demand.

The sources asked not to be identified as they were not authorised to publicly talk about the matter.

Bukalapak declined to comment.

Until a few months ago, Bukalapak was looking to raise just $300 million. That grew to $800 million and then to $1.5 billion last week as investors clamoured for a piece of the company, Reuters reported previously.

Bukalapak has priced its IPO at the top of its 750 and 850 rupiah apiece indicated price, with the company valued at roughly $6 billion, the sources said. Bukalapak is set to make its market debut next month.

Bukalapak focuses on micro, small and medium-sized enterprises, as it competes with bigger rivals Tokopedia, Sea Ltd’s Shopee and Alibaba’s Lazada, in Southeast Asia’s largest economy.

Bank of America and UBS are the joint global coordinators and bookrunners with Mandiri.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.