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.
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
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