Singapore’s GIC invested an additional $94m into Bukalapak before its IPO

On August 5, Singapore’s sovereign wealth fund GIC purchased 1.6 billion shares in Indonesian ecommerce firm Bukalapak worth close to 1.4 trillion rupiah (around US$94 million), according to a disclosure Bukalapak made to the Indonesia Stock Exchange (IDX). The purchase was made a day prior to the ecommerce firm’s IPO debut on IDX.

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The transaction, which was done through GIC’s subsidiary Archipelago Investment Pte Ltd, increased GIC’s stake in Bukalapak to 11% from 9.45% earlier. In April, the sovereign wealth fund, along with Microsoft and local media conglomerate Emtek, co-led the US$234 million fundraise of Bukalapak.

Based on the IDX disclosure, 10.7% of the stake was acquired by GIC on behalf of the Singapore government, and the rest of it on behalf of the Monetary Authority of Singapore.

Earlier this year, GIC was also set to purchase US$225 million worth of shares in Bank Jago, an Indonesian banking and financial services firm affiliated with Gojek.

Read More: 9 highlights from Bukalapak’s confidential investor deck

Bukalapak raise 21.9 trillion rupiah (around US$1.5 billion) in its IPO 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.

The company’s stock rose almost 25% to 1,060 rupiah (US$0.074) apiece from its initial public offering (IPO) price of 850 rupiah (US$0.059). However, it went down to 1,035 rupiah (US$0.072) in today’s trading session.