Even though ARA is on the first day, Bukalapak (BUKA) shares are predicted to be maintained in 8 months
Bisnis.com, JAKARTA – (8/8/2021) The share price of unicorn issuer PT Bukalapak.com (BUKA) is expected to continue to stay above the offering price level of Rp. 850 for at least the next 8 months.
In its first trading Friday (6/8/2021), BUKA shares were immediately hit by the auto reject (ARA) due to a 210 point rise or 24.71 percent to the level of 1060 from the IPO price of 850. Its market capitalization also reached Rp109.25 trillion.
Capital Market Observer from the University of Indonesia, Budi Frensidy, said that until the next few months before the lock-up period for Bukalapak’s strategic investors opens, it is very likely that the stock price of this new issuer will be maintained.
“Until the next few months, before the lock-up period for strategic investors of OPEN shares is opened, it is very possible that the price will be maintained and stay at a minimum above the IPO price.” he told Bisnis, Friday (6/8/2021).
Furthermore, the shares of other start-up businesses that will be IPO also have an interest in maintaining the price of BUKA’s shares, so that they too can take to the floor successfully.
He assessed that if you look at the fundamentals, this stock, like other digital bank stocks, is already very expensive.
Fundamentally, he explained, after 6-8 months when the lock-up period is opened, it will be difficult for investors to enjoy capital gains again because the price was too high and many investors would leave, while fundamentals are not yet that good at that time.
This e-commerce unicorn offered 25,765,504,800 shares (rounded up to 25.76 billion shares) at a price of Rp 850 per share, thus pocketing an initial public offering (IPO) of Rp. 21.9 trillion, the largest in the history of the Indonesia Stock Exchange.
In addition to the jumbo IPO, one of the things that became public discussion about the BUKA IPO was as an exit strategy from existing shareholders, which turned out to be not that easy to realize. It was noted that there were 55 BUKA shareholders prior to the initial public offering or IPO.
Citing the Bukalapak.com prospectus, based on POJK No. 25 of 2017, all parties who acquire company shares at an exercise price below the Initial Public Offering price within 6 months prior to submission of registration to the OJK, such parties are prohibited from transferring part or all of the company shares they own up to 8 months after the registration statement in connection with when the Initial Public Offering becomes effective.
This means that existing shareholders may not sell their shares for up to 8 months from the listing date on the IDX on Friday (6/8/2021).
Furthermore, referring to POJK No. 25 of 2017, there are 32 shareholders who are not allowed to transfer part or all of their share ownership in BUKA or Shareholders are required to lock-up.
The 32 shareholders of BUKA are (i) Achmad Zaky Syaifudin, (ii) PT Kreatif Media Karya, (iii) Archipelago Investment Pte. Ltd., (iv) Microsoft Corporation, (v) Standard Chartered UK Holdings Limited, (vi) Naver Corporation, (vii) Mirae Asset–Naver Asia Growth Investment Pte. Ltd., (viii) Star AA Ventures Limited, (ix) Peter Teng He Xu, (x) UBS AG, London Branch.
Furthermore, (xi) PT BRI Ventura Investama, (xii) PT Mandiri Capital Indonesia, (xiii) Genting Ventures VCC (acting for the benefit of Genting VCC Fund I) xiv) Sung Jin Kim (Kim Sung Jin), (xv) Jaeyoun Doh ( Doh Jaeyoun), (xvi) Seungkook Lee (Lee Seungkook), (xvii) BonAngels Pacemaker Fund, (xviii) 500 Durians, LP, (xix) 500 Kimchi, LP, (xx) K-Run No. 1 Start-Up Investment Fund.
Next, (xxi) DKI Growing Star Fund II, (xxii) 500 Startups IV, LP, (xxiii) Virdienash Haqmal, (xxiv) Clara Natalie, (xxv) Nandhika Wandhawa Putra Harahap, (xxvi) Rionardo, (xxvii) Phiong Tadhan Immanuel Yapi, (xxviii) Muhammad Rachmat Kaimuddin, (xxix) Teddy Nuryanto Oetomo, (xxx) Willix Halim, (xxxi) Natalia Firmansyah, and (xxxii) other shareholders consisting of 204 individual shareholders who are employees or ex-employees.
Meanwhile, BUKA shareholders other than the Mandatory Lock-Up Shareholders and RDPT Batavia Prospective Sectoral 1 (Voluntary Lock-Up Shareholders) have agreed not to sell or transfer 90 percent of their shares in BUKA until 8 months after listing.
Below is a breakdown of the Voluntary Lock-Up Shareholders.
A number of well-known names included in the list of Bukalapak Voluntary Lock-Up Shareholders are the President Director of PT Elang Mahkota Teknologi Tbk. (EMTK) Alvin W. Sariaatmadja, Director of PT Telkom Indonesia (Persero) Tbk. (TLKM) Fajrin Rasyid, and IDX Commissioner Pandu Patria Sjahrir.
Source: https://market.bisnis.com/read/20210808/192/1427241/meski-ara-hari-pertama-saham-bukalapak-buka-dipredik-terjaga-dalam-8-bulan#.YRBaB4l5WyE.telegram.
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