Bukalapak's Stock In Auto Rejection's Upper Limit Again, Up 25 Percent To Rp1,325 Due To Investors Hitting Right

Achmad Zaky and Rachmat Kaimuddin. (Photo: Doc. Antara)

JAKARTA - PT Bukalapak.com Tbk was beaten right by investors and experienced an auto-rejection (ARA) on the second day of trading, Monday 9 August. The issuer's stock coded BUKA opened trading at the level of Rp1,060 per share and immediately skyrocketed 25 percent to the level of Rp1,325 per share.

Citing data from RTI, BUKA shares were traded 555 times with a volume of 88.23 million shares outstanding. The transaction value of OPEN was recorded at Rp117 billion.

Bukalapak officially listed its shares on the Indonesia Stock Exchange on Friday, August 6, and became the 28th listed issuer on the IDX this year.

BUKA offered 25.76 billion shares to the public or 25 percent of the total issued and fully paid capital, with an offering price of Rp850 per share.

As a result, the company led by Rachmat Kaimuddin received fresh funds of Rp21.9 trillion from the IPO. This is the largest fund raised in the history of the Indonesia Stock Exchange.

BUKA uses 66 percent of the funds from the IPO as working capital. The remaining 34 percent will be used for working capital in subsidiaries. BUKA shares will continue to strengthen as the euphoria of technology shares continues.

Analysts assess the stock of OPEN will continue to strengthen until next week. However, investors are advised to be more careful, because, in terms of Bukalapak's performance, it has not made a profit.