Bukalapak (IDX: BUKA): Shares Jumped 24,74% After IPO

investasimu.com bukalapak shares jumped 25% after IPO

Photo: Bukalapak

PT Bukalapak.com Tbk. (IDX: BUKA) shares jumped 24,74% after its initial public offering (IPO) on IDX, 6 August 2021. That is the maximum shares increase in a day allowed by the IDX. BUKA was opened at a level of IDR850 per share.

BUKA shares were transacted 983 times with a volume of 223 million shares. Therefore, the transaction value reached IDR236 billion. The shares then closed at the level of IDR1,060 per share.

As previously informed, BUKA is an Indonesian startup company engaged in e-commerce and technology. BUKA offered 25% of its capital or approximately 25.76 billion shares at a price of IDR850 per share through IPO. With the total amount of funds reached IDR21.9 trillion, this is the largest IPO in IDX history. BUKA  plans to use the funds as working capital for the Company and its subsidiaries.

Based on the prospectus document, Total Processing Value (TPV) BUKA has been increased from IDR28.3 trillion in 2018 to IDR85.0 trillion in 2020 and most of them came from non-Tier 1 cities (small and medium cities). The Company also recorded 104.9 million registered users in 2020.

However, the Company still recorded an operating loss of IDR327 billion for the period ended 31 March 2021, compared to an operating loss of IDR397 billion in the previous period yoy. The controlling shareholder of BUKA is PT Kreatif Media Karya, one of PT Elang Mahkota Teknologi Tbk (IDX: EMTK) subsidiaries.         


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