Singapore's GIC Adds Ownership, Now Owns 11% of Bukalapak's Shares

The sovereign wealth fund (Sovereign Wealth Fund) from Singapore GIC Private Limited purchased 1,60 billion shares of Bukalapak at a price of IDR 850 per share. The funds disbursed amounted to Rp. 1,36 trillion.

In the openness of the Indonesia Stock Exchange, the transaction will take place on August 5, 2021. This means that GIC will increase its ownership by one day before opening the floor on the stock exchange last Friday (6/8).

"GOS and MAS own 11,33 billion shares or equal to 11,001% of the total issued and paid-up capital of the Company," wrote the management of GIC Private Ltd, quoted on Tuesday (10/8).

This purchase was made on behalf of the Government of Singapore (GOS) and the Financial Authority of Singapore (MAS). In more detail, GIC made transactions of 1,35 billion shares representing 1,315% on behalf of GOS and 245.685.200 shares representing 0,238% on behalf of MAS.

Prior to this transaction, GOS owned 9,73 billion shares of BUKA or equivalent to 9,45% through Archipelago Investment Pte. Ltd. Referring to BUKA's prospectus, the total ownership of GOS was 12,6% before BUKA made an initial public offering. GIC is the largest shareholder in OPEN both before and after taking the floor.

Prior to this transaction, GIC was included in the ranks of the third largest shareholders, after PT Kreatif Media Karya which controlled 24,66 billion shares and API (Hong Kong) Investment Limited with 12,1 billion shares. Then, there are Mirae Asset (1,85 billion shares), UBS AG, London Branch (1,91 billion shares), Batavia Incubator Pte. Ltd. (2,29 billion shares), New Hope OCA Limited (2,93 billion shares).

Next, followed by the co-founder Bukalapak, such as Achmad Zaky (4,45 billion shares), Willix Halim (1,43 billion shares), M. Fajrin Rasyid (2,45 billion shares), and Nugroho Herucahyono (1,93 billion shares).

In the BUKA corporate action, the company reaped fresh funds of Rp. 21,9 trillion. Bukalapak CEO Rachmat Kaimuddin said all of these funds will be used as working capital for the company and its subsidiaries to invest in various products and services to improve performance, profitability and sustainability.

Retail investor enthusiasm

Although BUKA's main objective is to target investors with jumbo funds, with an allocation of more than 97% of the target fund of Rp. 21,9 trillion, it is worth paying attention to the high enthusiasm of retail investors to participate as shareholders.

During the initial bidding process (bookbuilding), number of orders (via method pooling allocation) reached Rp. 4,8 trillion, oversubscribed by about 8,7 times with orders of almost 100 thousand investors. The company also increased the portion pooling allocation from 2,5% to 5% of the total available orders, or Rp1,1 trillion from the previous Rp547,5 billion.

OPEN price movement today (10/8) is at Rp1.035 per share, or up 20,63% since the initial public offering on Friday (6/8).