Bukalapak Shares Plummet to Rp 426 per Unit, Below IPO Price

Based on Yahoo data, the price of Bukalapak (BUKA) shares was traded at Rp 426 per unit on Tuesday, December 7, 2021, until 10:09 WIB. This price is a 6.58% correction from the previous day's closing price.

The price of the local marketplace's shares has also corrected by 21.83% this month. Bukalapak shares have plummeted in 12 consecutive trading days by more than 40% since November 22, 2021. Bukalapak's substantial losses are one of the reasons for the slump in shares of the BUKA-coded issuer. The e-commerce company recorded losses of Rp 1.12 trillion by the end of September 2021.

Compared to its initial public offering (IPO) price of Rp 850 per unit, the share price of BUKA has eroded by 49.88%. The Indonesian unicorn's shares have also fallen by more than 60% from their highest price of Rp 1,110 per unit on August 9, 2021.

BUKA's revenue was only Rp 1.35 trillion, while expenses reached Rp 2.56 trillion during the January-September 2021 period. As a result, Bukalapak still incurred an operating loss of Rp 1.22 trillion by the end of the third quarter of this year.

Bukalapak's total assets reached Rp 25.2 trillion at the end of Q3 2021. This figure surged compared to the end of 2020, which was only Rp 2.59 trillion. Similarly, its equity by the end of September 2021 amounted to Rp 23.95 trillion from Rp 1.61 trillion in December 2020. Meanwhile, its total liabilities at the end of September 2021 were Rp 1.07 trillion compared to Rp 985.82 billion at the end of last year.