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Key metrics suggest Bukalapak is overpriced but the IPO may still be oversubscribed
Logo of Bukalapak, an Indonesian e-commerce firm, is seen outside its headquarters in Jakarta, Indonesia, June 16, 2021. REUTERS/Willy Kurniawan Premium
The IPO of Indonesian marketplace Bukalapak, which opens for subscription on July 28, appears to be overpriced based on various valuation parameters.
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Mitra Bukalapak agent. courtesy by Bukalapak
July 9, 2021
Indonesian marketplace Bukalapak is looking to raise between $1.3 billion and $1.5 billion in its initial public offering on the Indonesia Stock Exchange (IDX), the company said in a disclosure advertised in the local press on Friday.
The share sale would be the biggest in the history of the IDX and also mark the first public listing of an Indonesian unicorn. Domestic peer GoTo, formed after the merger of Gojek and Tokopedia in May, had said it would pursue a dual-listing by the end of this year in the US and Indonesia.
Meanwhile, Singapore-registered Grab, which has opted for the SPAC route, recently postponed its Nasdaq listing to meet regulatory compliances.