[Updated] What we know about Bukalapak’s proposed domestic IPO so far

Updates: This article has been updated with comments from Bukalapak’s spokesperson.

E-commerce honcho Bukalapak is filing for an Initial Public Offering with the Indonesia Stock Exchange (IDX), a DealStreetAsia report said citing sources.

Founded in 2010, Bukalapak is backed by the likes of Microsoft and Standard Chartered Bank. One of the most prominent startups in the archipelago, Bukalapak currently employs over 2,500 people and is valued at approximately US$3 billion.

Last month, Bukalapak stated that it was planning to list in Indonesia and that it engaged Bank Mandiri’s securities arm Mandiri Sekuritas to assist in the process.

On being asked for comments regarding the IPO, a spokesperson of the company stated, “We are continually looking at financing and growth opportunities for the Company, however, no decisions have been made at this time. Our ongoing focus is to find the right strategy in order to become a sustainable company and create value for our partners and users in the long run,”.

Nevertheless, here’s what we know so far about the reported IPO:

Date of IPO

The date for the IPO has not been announced by the company officially, however, according to DSA’s sources, it could list on the IDX as early as August this year.

Also Read: Bukalapak bags US$234M, plans to list in Indonesia: Report

Submission of listing proposal

IDX president Inarno Djadi has confirmed the submission of the public listing document.

Potential SPAC merger

Should the local listing materialise, the e-commerce giant will potentially look to merge with a special purpose acquisition company (SPAC) in the US.

Challenges

Bukalapak is not profitable yet, although co-founder has stated that it will achieve profitability soon. It is also facing competition from its e-commerce rival Tokopedia, which recently merged with Gojek, one of the region’s largest super-apps.

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Image Credit: Bukalapak

The post [Updated] What we know about Bukalapak’s proposed domestic IPO so far appeared first on e27.

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Updates: This article has been updated with comments from Bukalapak’s spokesperson.

E-commerce honcho Bukalapak is filing for an Initial Public Offering with the Indonesia Stock Exchange (IDX), a DealStreetAsia report said citing sources.

Founded in 2010, Bukalapak is backed by the likes of Microsoft and Standard Chartered Bank. One of the most prominent startups in the archipelago, Bukalapak currently employs over 2,500 people and is valued at approximately US$3 billion.

Last month, Bukalapak stated that it was planning to list in Indonesia and that it engaged Bank Mandiri’s securities arm Mandiri Sekuritas to assist in the process.

On being asked for comments regarding the IPO, a spokesperson of the company stated, “We are continually looking at financing and growth opportunities for the Company, however, no decisions have been made at this time. Our ongoing focus is to find the right strategy in order to become a sustainable company and create value for our partners and users in the long run,”.

Nevertheless, here’s what we know so far about the reported IPO:

Date of IPO

The date for the IPO has not been announced by the company officially, however, according to DSA’s sources, it could list on the IDX as early as August this year.

Also Read: Bukalapak bags US$234M, plans to list in Indonesia: Report

Submission of listing proposal

IDX president Inarno Djadi has confirmed the submission of the public listing document.

Potential SPAC merger

Should the local listing materialise, the e-commerce giant will potentially look to merge with a special purpose acquisition company (SPAC) in the US.

Challenges

Bukalapak is not profitable yet, although co-founder has stated that it will achieve profitability soon. It is also facing competition from its e-commerce rival Tokopedia, which recently merged with Gojek, one of the region’s largest super-apps.

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image Credit: Bukalapak

The post [Updated] What we know about Bukalapak’s proposed domestic IPO so far appeared first on e27.

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