Bukalapak Floors On The Exchange Today, New History Of The First Indonesian Marketplace IPO And Record Reaching IDR 21.9 Trillion In Funds

Illustration. (Photo: Doc. Antara)

JAKARTA - The initial public offering (IPO) from the giant marketplace provider PT Bukalapak.com Tbk is in sight. The unicorn marketplace is officially listed on the Indonesia Stock Exchange (IDX) today, Friday, August 6.

Bukalapak completes the public offering on 27-30 July 2021. The allotment date will then be set for Tuesday 3 August 2021. Electronic stock distribution and refund orders will be made on Thursday 5 August 2021.

Bukalapak will be history. The reason is, the company is the first e-commerce marketplace provider platform that will list its shares on the stock exchange.

Not only being the first unicorn to go public on the Indonesian stock exchange, Bukalapak also made a new history on the stock exchange because it received fresh funds of IDR 21.9 trillion at an IPO price of IDR 850 per share.

On the other hand, veteran investor Lo Kheng Hong admitted that he was not interested in buying Bukalapak shares. The reason, according to him, Bukalapak is still recording a loss.

Based on the company's financial statements, Bukalapak still recorded a net loss. In 2020, Bukalapak's net loss reached Rp1.35 trillion, down from the previous year's Rp2.79 trillion.

The net loss per share of Bukalapak attributable to shareholders of the parent entity was Rp171.48, a decrease from the previous Rp365.79.

In addition to still making losses, according to Mr. Lo, Bukalapak's valuation is still quite expensive for him. In the first quarter of 2021 financial statements, Bukalapak recorded revenue of IDR 423.7 billion.

With this assumption, the annualized income is around Rp. 1.69 trillion. Thus, the calculation of the revenue per share becomes Rp1.69 trillion divided by 103.06 billion shares, which is Rp16 per share. So the IPO price of Bukalapak is Rp.850, which reflects the price to sales ratio of 51.7 times.

"The valuation for me is very expensive, smart investors buy cheap valuations or Mercy sells at Avanza prices," said Lo Kheng Hong.