Jakarta, CNBC Indonesia – The lock-up period for PT Bukalapak.com Tbk (BUKA) shares is officially opened today, Monday (28/3/2022). Interestingly, BUKA’s stock price actually increased significantly after being corrected badly at the beginning of trading.
At the close of trading, the stock price of the Indonesian local market issuer was observed to have risen 8.44% and was at the level of Rp. 334/unit.
However, when compared to the initial offering (IPO), BUKA’s share price was still corrected by 60.5% considering that the IPO price of BUKA at that time reached Rp. 850/unit.
The old investor’s stock transaction lock has been opened. This means that now the initial shareholders of BUKA can make sales actions in the market.
Referring to the company’s prospectus, there are 55 strategic investors who already own OPEN shares prior to listing on the stock exchange.
They come from various backgrounds ranging from founders, directors, individual investors, venture capitalists, mutual funds to employees and former employees.
As for several figures of BUKA investors whose names are already familiar, they are Alvin Sariaatmadja, Adi Wardhana Sariaatmadja to Pandu Sjahrir.
The three names are included in the ranks of shareholders who voluntarily lock up their shares as much as 90% (voluntary lock-up) of the total ownership they have for 8 months from the effective date of the agreement.
In addition to the three names above, there are several other names that are also included in the voluntary lock-up shareholder. However, there are 33 names of shareholders that fall into the mandatory lock-up category, including Achmad Zaky and a number of other investors, both local and international, such as Microsoft Corporation.
The total share ownership of BUKA by early investors reached nearly 77.4 billion or equivalent to 75% of the total outstanding shares.
However, if the initial investor sells BUKA shares at a price equivalent to the IPO price (not subject to a lock-up), the potential additional lost funds will reach Rp. 39.77 trillion or almost Rp. 40 trillion compared to selling at the current price of Rp. 334/share.
But what needs to be remembered is that these old investors of course did not buy at the same price as the IPO price.
They buy at a much lower price, so even if they are sold at this time there is still potential for profit to be pocketed. It’s just that the benefits are not maximized because of the lock-up.
Technical Analysis
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Photo: Research Team Technical- – |
So what are the prospects for OPEN shares going forward? Technically, it appears that the OPEN stock has tended to start an upward period since March 17th.
When using the daily time frame (daily) and the Bolinger Band (BB) indicator to see the closest support and resistance levels, the OPEN share price today is moving towards the closest resistance level at Rp. 357/share.
It has been observed that since the third week of March, there has been a strengthening of buying momentum, as reflected in the relative strength index (RSI) which rose from a position below 30 (overbought) to 54.59.
Another technical indicator, the Moving Average Convergence Divergence (MACD) also confirms the uptrend pattern. The 12 EMA line has crossed above the 26 EMA line since March 21, 2022.
Now the 12 EMA line is moving away from the 26 EMA line which indicates a rising pattern. On the other hand, the histogram bar also moved to the negative area to strengthen. At least in the short term, the stock price of BUKA has the potential to test the support level at Rp. 303 and resistance at Rp. 357.
CNBC INDONESIA RESEARCH TEAM
(RCI/RCI)
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