Bukalapak’s IPO, the largest ever on IDX, takes its valuation to $7.5b

Bukalapak, the Indonesia-based ecommerce major, has officially become the first unicorn listed on the Indonesian Stock Exchange (IDX).

Its stock rose almost 25% – which is the maximum increment allowed in a day – to 1,060 rupiah (US$0.074) apiece from its initial public offering (IPO) price of 850 rupiah (US$0.059), only minutes after the market was opened. The rise boosted the company’s valuation to around 109 trillion rupiah (around US$7.5 billion).

Bukalapak’s office / Photo credit: Bukalapak

The company raised 21.9 trillion rupiah (around US$1.5 billion) in its financial debut by selling more than 25.7 billion of its shares, representing 25% of its enlarged share pool. The IPO has become the biggest in the Indonesian bourse’s history, according to IDX president director Inarno Djajadi.

While the allocation for retail investors had initially been 547 billion rupiah, Bukalapak said it saw large demand from these backers, which it expected to exceed 4.8 trillion rupiah. As a result, the company increased the share allocation for this segment from 2.5% to 5% of total shares, which is worth 1.1 trillion rupiah (around US$76.5 million).

See Also: Visual: Bukalapak’s decade-long journey to IPO

The company will use two-thirds of the money raised as working capital, while the rest will go to its other businesses, such as B2B procurement platform BukaPengadaan and offline microretailer enabler Mitra Bukalapak.

Currency converted from Indonesian rupiah to US dollar: US$1 = 14,355 rupiah