Indonesia’s Largest IPO Turns Into a Flop as Bukalapak Falls
- Bukalapak’s market cap has shrunk 66% since record IPO in 2021
- Indonesia is set to see tech IPOs by GoTo and Blibli this year
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PT Bukalapak.com has lost more than half its value since raising $1.5 billion in Indonesia’s biggest public offering.
The shares closed at a record low 352 rupiah on Tuesday, pushing its market value below 37 trillion rupiah ($2.6 billion). That’s down 66% from the 109 trillion rupiah market cap recorded on its first trading day in August. The stock ended a seven-day losing streak to jump 5.1% to 370 rupiah on Wednesday.