Bukalapak Stock Plummets Almost 70% from IPO Price

PT Bukalapak.com Tbk (BUKA) shares closed down 6.96% at Rp258 on Wednesday (16/3/2022). This is the lowest price the stock has ever traded at on the Indonesia Stock Exchange. BUKA shares had previously reached a high of Rp1,060 on their second day of trading.

Compared to its initial public offering (IPO) price of Rp850 per share, the share price of Indonesia's first listed marketplace has eroded by 69.65%. This means investors who bought BUKA shares have lost almost 70% of their total investment.

Continued financial losses are one of the reasons for the plunge in BUKA's share price. As stated in the initial public offering prospectus, Bukalapak has experienced losses for three consecutive years. In 2018, Bukalapak recorded a loss of Rp2.23 trillion, followed by a loss of Rp2.82 trillion in 2019, and another loss of Rp1.3 trillion in 2020.

In its Q3 2021 financial report, Bukalapak still posted a loss of Rp1.13 trillion. This figure is down 19.15% compared to the same period the previous year.

BUKA's revenue increased by 42.1% to Rp1.35 trillion in Q3 2021 compared to the same period the previous year. However, total expenses also increased by 9.09% to Rp2.56 trillion by the end of September 2021. As a result, Bukalapak still incurred significant losses.

Compared to the end of 2021, Bukalapak's assets surged by 864.65% to Rp25.02 trillion at the end of September 2021. Specifically, the company's equity jumped 1,389% to Rp23.95 trillion, while its liabilities only increased by 8.27% to Rp1.07 trillion.