JAKARTA. The local e-commerce company, Bukalapak, is sending out the proposal of its initial public offering (IPO) to Indonesia Stock Exchange (IDX) and the Financial Services Authority (lit. Otoritas Jasa Keuangan/OJK).
Titi Maria Rusli, the Director and Corporate Secretary of PT Elang Mahkota Teknologi Tbk (EMTK), confirmed this action through a public expose last week. EMTK owns a stake in Bukalapak through its subsidiary, PT Kreatif Media Karya (KMK).
EMTK has not yet been able to specify the number of potential funds gathered by Bukalapak through the IPO. “Regarding the amount of stock and funds, it would be discussed and decided by the internal management of Bukalapak,” Rusli continued.
So far, several capital market experts in Indonesia predict that Bukalapak could gain USD 300 billion of fresh funds from this IPO, or equal to IDR 4.2 trillion. This estimated number is lower than the potential funds collected by Bukalapak should it had proceeded with the US IPO plan earlier.
According to idnfinancials.com data, Bukalapak has been operating since 2011, offering sales and purchase activities through a digital platform. Since its establishment, Bukalapak has received fundings of approximately USD 784 million.
Bukalapak also gains financial support from several global investors beside Emtek Group. Some of them include UBS Investment Bank, Microsoft, Standard Chartered, Mirae Asset, and SC Ventures. (KR/ZH)