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Bukalapak channels over 50% of its IPO returns to working capital and its subsidiaries

09 July 2021 13:01

JAKARTA. PT Bukalapak.com Tbk (BUKA) would allocate most of the proceeds from its initial public offering (IPO) in Indonesia Stock Exchange to its working capital. The remaining portion would be dispersed among its six subsidiaries.

According to Ratna Karim, Director of PT Buana Capital Sekuritas, a company acting as the Joint Lead Managing Underwriter for Bukalapak, the total portion of the funds to be stored as working capital reaches 66%. Another 15% would be allotted to PT Buka Mitra Indonesia, 15% to PT Buka Usaha Indonesia, 1% to PT Buka Investasi Bersama, 1% to Buka Pengadaan Indonesia, 1% to Bukalapak Pte Ltd, and another 1% to PT Five Jack.

According to the IPO prospectus, the shares issued to the public equals 25% of its issued and paid-up capital. With the execution price of approximately IDR 750 to 850 per share, BUKA is envisioned to gather IDR 22.9 trillion funds at most.

Rachmat Kaimuddin, President Director of Bukalapak, announces his optimism about this IPO to promote its business growth in the future.”This would go down in history, in which a unicorn technology start-up launches its IPO in IDX,” Kaimuddin claims through the public expose today (9/7).

As an additional record, BUKA scored IDR 1.35 trillion in revenue in 2020. The number kept escalating from IDR 292 billion in 2018 and IDR 1.07 trillion in 2019. However, its EBITDA was still at minus IDR 1.67 trillion in 2020. “Our EBITDA has been improving by over IDR 1 trillion. We hope this recovering trend continues,” Kaimuddin states.

As previously mentioned in idnfinancials.com, the offering period of this event would take place from July 9 to 19, 2021. Rationing would follow on August 3, 2021, while the recording in the exchange is set for August 6, 2021. (KR/ZH)

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