Singapore’s sovereign wealth fund GIC has invested as much as 1.4 trillion rupiah (about $95 million) in Indonesian e-commerce giant Bukalapak, thereby taking its stake in the company to 11%, per a regulatory filing.
Bulakapak, which became the first Indonesian unicorn to list on the local stock exchange, said GIC has acquired an additional 1.6 billion shares of the company for 850 rupiah apiece.
After the company marked its public market debut last week, GIC’s stake dropped to 9.45% from 12% that it held earlier. All GIC investments in Bukalapak have been routed through its subsidiary Archipelago Investment Pte Ltd.
After the IPO, Bukalapak’s top three backers – Emtek subsidiary PT Kreatif Media Karya, Ant Group’s API Investment Ltd, and GIC – together own 46% of the company. Meanwhile, Microsoft and Mirae Asset hold a minority stake accounting for 2.7% in the company.
Bukalapak raised $1.52 billion in its IPO, or five times more than the original target of just $300 million. It made a stellar debut on the Indonesian Stock Exchange on August 6, with its shares opening 24.11% higher than the IPO price of 850 rupiah apiece.
The company’s shares soared again on their second day of trading on Monday, hitting 1,325 rupiah per share in the opening bell and finishing the trading day at 1,110 rupiah apiece, or 30.5% higher than the IPO price. That made the e-commerce startup the 12th-largest on the IDX by market capitalization
Founded in 2010, Bukalapak is an online marketplace that enables small and medium-sized enterprises to sell anything from clothes to food.
Its prospectus showed that the company is on track towards profitability. While it recorded a net loss of 1.349 trillion rupiah ($92.66 million) in 2020, it was less than half of 2019’s 2.8 trillion rupiah ($191.99 million) losses.
Net sales in 2020 stood at 1.35 trillion rupiah, a nearly 26% increase from the previous year and a nearly fourfold increase from 2018’s 291.9 billion rupiah. Its marketplace segment made up 75% of its revenue, or 1.03 trillion rupiah in 2020.