IDR 675 (US$0.048). On 22 October, Bukalapak’s share price had slipped to a new low. Down 20% from its listing price of IDR 850 (US$0.06), and down a solid 37% if you take the IDR 1,100 (US$0.078) it fetched at its peak—the days right after the initial public offering in early August.

It wasn’t supposed to go like this. This was Indonesia’s most-anticipated listing of the year—its first e-commerce unicorn IPO. And with about US$1.5 billion raised, the Indonesia Stock Exchange (IDX) had never seen anything larger.

But it’s all turned south since. Some investors are now sitting on serious losses—like the person who shared a screenshot of their investment portfolio, showing IDR 589 million (US$41,600) in the red from a bet on Bukalapak.


Nadine Freischlad

Nadine is based in Indonesia. She covers Southeast Asia's super apps, the changing nature of work and employment, and other structural shifts happening as a result of digital disruption.

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