Jakarta, CNBC Indonesia – President Director of PT Bukalapak.com Tbk (BUKA), Rachmat Kaimudin, revealed a number of strategies to restore investor confidence. This is in response to the downward trend in Bukalapak’s share price after the initial public offering of shares.
“So for a company, the best way to restore trust [investor] capital market, in the short term, always improve the company’s performance and communicate well, that’s what we always do,” said Rachmat, at the launch event Startup IPO Whitepaper titled ‘The Billion Dollar Moment: A Paradigm Shift for Indonesian IPOs’ held by Mandiri Group, Tuesday (7/12/2021).
RK, as he is familiarly called, said that the company has become an issuer unicorn first on the Indonesia Stock Exchange and continues to invite other companies to take the floor. This does not mean, he said, that the performance of Bukalapak’s shares which fell after the IPO would discourage other technology companies from raising funds in the country’s capital market.
“If it is said that the stock is going down, for example, the others no can IPO, that no too relevant. Respectively [perusahaan] have their own power. [IPO perusahaan lain] make the market more crowded, people understand more about technology companies,” explained RK.
On this occasion, Rachmat said, with the initial public offering process, his party was optimistic that the company’s performance would improve. This can also be seen from the improvement in Bukalapak’s performance in September 2021.
“The stock price depends on the market mechanism and that’s a lot of sentiment very. For example, today I saw that there were 20 thousand transactions taking place, meaning there were 20 thousand reasons why the price went up or down,” he said.
It was recorded that on Tuesday’s trading (7/12/2021), BUKA’s shares fell 6.58% to the level of Rp 426/unit. OPEN shares are directly affected auto reject down (ARB). Since the beginning of December, BUKA’s shares have never strengthened. Even the issuer’s stock e-commerce which was founded by Achmad Zaky has been weakened since 22 November. This means that the stock price of OPEN has consistently fallen for 12 days in a row.
BUKA’s market capitalization value is now at Rp 43.9 trillion, down by almost half from the initial listing on the domestic stock exchange in early August.
For information, BUKA released 25% of its issued and paid-up capital at an initial offering (IPO) price of Rp 850/unit. The market capitalization value of BUKA at that time reached Rp. 87 trillion and became a technology sector issuer with a large sectoral index weight.
With this corrective trend, the market cap of BUKA’s shares has evaporated by Rp. 43 trillion since it was listed on the stock exchange, equivalent to a decline of almost 50% or 49% to be exact. Along with the weakening trend that occurred, foreign investors were also observed to continue to sell BUKA shares. Today alone, foreigners have netted a net sell of IDR 42.5 billion of OPEN’s shares in the regular market.
Bukalapak itself still recorded a net loss attributable to owners of the parent entity of Rp 1.12 trillion in the September 2021 period. The net loss improved from the same period in the previous year of Rp 1.39 trillion.
Referring to the company’s financial statements for the first nine months, Bukalapak recorded a net income of Rp 1.34 trillion, up 42.09% from the same period in the previous year of Rp 948.43 billion. In detail, the revenue came from marketplace revenue, which rose to Rp 780.41 billion from the same period last year of Rp 742 billion.
Partners’ income rose to Rp 496.70 billion from the previous Rp 117.47 billion. Meanwhile, BukaPengadaan contributed to the company’s revenue of Rp 70.56 billion, down from Rp 88.95 billion.
In terms of Total Processing Value (TPV) as of September, it grew 45% to Rp 87.9 trillion. This TPV also increased from the third quarter’s position which was recorded to increase by 51 percent to Rp 31.2 trillion.
(sys / hps)
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