Reportedly IPO in August 2021, Bukalapak Sets a Target of Collecting Funds of up to 11 Trillion Rupiah

IPO news unicorn Bukalapak is getting more and more widely reported. Latest, source Reuters said the company has an ambitious target of raising funds of up to $800 million or the equivalent of more than 11 trillion Rupiah through the sale of 10 to 15% of total shares; bringing the company's valuation to $4 to 5 billion. The corporate action is said to take place in August 2021.

The source also said that the estimated value obtained from the capital market is in accordance with the prospectus submitted by the team Bukalapak to the Indonesia Stock Exchange. The changes will depend on investor demand and market conditions after successfully trading on the stock exchange.

IPO debut unicorn this will record a new milestone in the business landscape in Indonesia. Apart from being one of the listing with the largest value over the past decade, also became the first among startups unicorn local. In terms of value, GoTo or Traveloka may overtake if in the end they also choose to register in Indonesia.

As previously reported, unicorn others have a tendency to prioritize going public on the New York stock exchange through SPAC vehicles. Bukalapak is also rumored to be doing the same thing, after successfully taking the floor on the local exchange.

Kendari has 47 shareholders, Bukalapak's majority shares are currently controlled by three main institutions, including PT Kreatif Media Karya (31,9%), API Investment Limited (17,4%), and GIC Singapore through Archipelago Investment Pte Ltd (12,6 ,XNUMX%).

Value proposition

Since its founding in 2011 by Achmad Zaky, Fajrin Rasyid, and Nugroho Herucahyono -- all three of whom are currently no longer active in the company's executive ranks -- Bukalapak claims to have embraced more than 100 million users in Indonesia.

Various strategic innovations continue to be intensified, including the most recent regarding the establishment plan digital banking services with Standard Chartered, which is also an investor. Not long ago the company also just completed its acquisition of the platform online marketplace Itemku, to expand the business in the digital game asset category.

Other features such as BukaPegadaian (B2B Commerce), Mitra Bukalapak, Buka Mutual Investment, and others are currently the focus of development within the company. Nothing but to present a more value proposition than its competitors. From a number of studies, Bukalapak is placed in third place after Shopee and Tokopedia.

To strengthen the company's organizational structure, the company has also partnered with Bambang Brodjonegoro and Yenny Wahid as the company's commissioners.

Last April 2021, Bukalapak also closed its series G funding, the value of which was estimated to reach 5,7 trillion Rupiah. A number of investors were involved in this round, including UBS Group AG, Resorts World, Mandiri Capital Indonesia, BRI Ventures, and several previous investors.