Bukalapak broke all Indonesia Stock Exchange (IDX) records when it went public on Friday. The Indonesian e-commerce newsmaker’s share price shot up by 24.71% in under a minute after the opening bell rang—immediately hitting the ceiling of the maximum stock price maximum stock price Auto rejection policy The IDX implements an auto rejection policy whereby after a stock rises or falls by a certain percentage within one day, the price cap has been set for the day. The IDX will automatically reject bids that go beyond that price floor or ceiling.
Feet in two boats
Why Bukalapak needs to lean on its Mitra despite a US$1.5B IPO
The first tech unicorn to go public on the IDX, Bukalapak is the talk of the town. But, already, the Indonesian e-commerce platform is starting to call itself “all commerce” and looking harder at its Mitra model. Why does Bukalapak need this extra support?
Bukalapak is the biggest IDX IPO in history; and yet, it’s not the leader of the e-commerce pack
Its marketplace business is increasingly falling behind leading rivals Tokopedia and Shopee
In all this, it’s found a difference narrative to chase—to be an “all commerce player”
It wants to be seen as akin to Shopify—enabling small businesses—but that’s not quite its model either