Bukalapak to list its IPO on Indonesia’s stock exchange on July 29

Indonesian ecommerce firm Bukalapak is set to list on the Indonesia Stock Exchange (IDX) on July 29 and will start the book building process and roadshow on June 28. The information was revealed in the company’s “mini expose” document that was seen by Tech in Asia.

Bukalapak will offer up to 25% of its enlarged share capital and will be listed with the ticker symbol BUKA. Reuters previously report that the company wanted to raise up to US$800 million by selling up to 15% of the company at around a US$5 billion valuation.

According to Siti Sufintri Rahayu, the company’s vice president of corporate affairs, Bukalapak always explores opportunities to grow financially. “However, for the time being, we haven’t made any decision [about the IPO]. Our focus right now is to keep looking for the right strategy to be a sustainable company and create value to all partners and users in the future,” she told Tech in Asia.

Bukalapak’s mini expose document reveals that the Jakarta-based firm generated over 1.3 trillion rupiah (US$96 million) in revenue in 2020, a 26% increase from the previous year. Of this, 76% came from its ecommerce business, while another 15% was from Mitra Bukalapak, the company’s initiative focused on small and medium-sized enterprises.

At the same period, Bukalapak’s operating expenses decreased by 16% to a little over 3 trillion rupiah (US$217 million). While the company’s general and administrative expenses have grown, its selling and marketing expenditure dropped by around 35% as compared to the previous year.

Bukalapak is one of several Southeast Asian tech companies in the race to IPO. Grab, Traveloka, and Tiket are some others vying to list in the next few years.

See also: The leading Asian tech players eyeing an IPO in 2021

Another Indonesian ecommerce firm, Tokopedia, recently merged with super app Gojek to form the GoTo Group. The combined entity is also looking to raise a fresh round of fundraising this summer ahead of its planned IPO later this year.