Indonesian marketplace Bukalapak is looking to raise between $1.3 billion and $1.5 billion in its initial public offering on the Indonesia Stock Exchange (IDX), the company said in a disclosure advertised in the local press on Friday.
The share sale would be the biggest in the history of the IDX and also mark the first public listing of an Indonesian unicorn. Domestic peer GoTo, formed after the merger of Gojek and Tokopedia in May, had said it would pursue a dual-listing by the end of this year in the US and Indonesia.
Meanwhile, Singapore-registered Grab, which has opted for the SPAC route, recently postponed its Nasdaq listing to meet regulatory compliances.
Bukalapak will issue 25.76 billion new shares, or 25% of paid-in and issued capital. The offer price has been set at between 750 rupiah and 850 rupiah per share, according to the prospectus.
The IPO will be conducted on three days from July 28-30, and shares of Bukalapak will start trading on IDX from August 6.
DealStreetAsia had reported recently that three of the company’s top shareholders own over 60% of the shares. Bukalapak’s cap table has as many as 47 investors.
PT Kreatif Media Karya (KMK), an Emtek Group subsidiary, holds the biggest stake at 31.9% in Bukalapak, followed by API (Hong Kong) Investment Limited that owns 17.4%, and Singapore’s GIC, through its subsidiary Archipelago Investment Pte Ltd, which owns 12.6%.
After issuing the new shares, the stakes of these existing shareholders will get diluted.
KMK will hold 23.93%, while Ant Financial’s API (Hong Kong) Investment Limited will hold 13.05%. GIC’s stake will fall to 9.45%.
Stakes of the co-founders will also get diluted. While Achmad Zaky’s stake will fall from 5.76% to 4.32%, Fajrin Rasyid will hold 3.53% post-IPO, compared with 2.64% currently. Nugroho Heru Cahyono’s stake will fall from 2.78% to 2.08%.
Similarly, Microsoft’s stake will fall to 0.9% from 1.21%, and that of Mirae Asset Naver Asia Growth Investment from 2.4% to 1.8%.
Mandiri Sekuritas, Buana Capital Sekuritas, UBS Sekuritas Indonesia and Mirae Asset Sekuritas Indonesia are the underwriters for the IPO.
Losses narrowed in 2020, and other financials
The company’s total consolidated liabilities as of Dec 31, 2020, stood at 981 billion rupiah, a year-on-year increase of 9.72%.
It was driven by the implementation of lease accounting (PSAK 73). Consolidated lease liabilities of 68 billion as of Dec 31, 2020, and an increase in other payables to related parties also contributed to the increase in overall liabilities.
Assets, liabilities, and equities of Bukalapak
(as of 31 March)
|All figures in trillion rupiah|
The Bukalapak IPO comes at a time when the appetite for stock investing and trading is increasing in Indonesia, as noted in DealStreetAsia’s recent DATA VANTAGE report.
Helped by rising financial literacy and digitalisation, more Indonesians are starting to allocate capital to the public market. In just five years, the total number of investors registered with the Central Securities Depository (KSEI) grew nine times to 3.9 million in 2020. By the end of May, the number had grown to 5.4 million. Of these, 4.7 million are mutual fund investors, while 2.4 million invest in stocks directly.