Last week, Bukalapak, one of Indonesia's most popular e-commerce marketplaces, went public on the Indonesian Stock Exchange (IDX).
What started out as a small startup with a mission of helping Indonesians sell online has quickly evolved into a technology giant valued at over $7.5 billion.
- Founded in 2010, Bukalapak started out with the mission of allowing Indonesian small businesses to easily sell online.
- On Friday, Bukalapak went public on the Indonesian Stock Exchange (IDX).
- The company's shares rose by 25% minutes after the market opened (the maximum increment allowed in a day is 25% on the IDX).
- The rise of the share price bolstered Bukalapak's valuation to $7.5 billion.
Why It Matters
- Bukalapak is officially Indonesia's first unicorn company to be listed on the country's local stock exchange.
- While most companies were vying to go public either in United States or in Hong Kong, Bukalapak chose their home-ground to go public.
- Bukalapak faces strong competition from rivals Tokopedia and Shopee.