Sumary of Indonesia’s Tech Pioneer Raises $1.5 Billion Through IPO To Battle ‘E-Commerce War’:
- Rachmat Kaimuddin’s promotion to CEO of e-commerce firm Bukalapak early last year came as a surprise to many—including himself.
- The majority of Bukalapak’s employees were not yet born during the Asian financial crisis in 1997, and too young to remember much from the global financial crisis in 2008, he says.
- Kaimuddin, on the other hand, vividly recalls Lehman Brothers’ collapse and other events from the financial meltdown, which unfolded shortly after he received an M.
- Forbes Asia Bukalapak’s roster of investors also includes Singapore’s sovereign wealth fund GIC, China’s Ant Group, U.S. tech giant Microsoft, Standard Chartered bank and South Korean web portal Naver Corporation, among others.
- Forbes Asia Some analysts say the firm’s valuation looks too pricey.
- “Bukalapak’s market share in Indonesia’s e-commerce field does not justify its IPO valuation,” Bloomberg Intelligence analysts Nathan Naidu and Matthew Kanterman said in a recent report.
- Yet, Bukalapak’s enterprise value-to-forward-GMV (gross merchandise value) has a ratio of 1.5 times, higher than that of Tokopedia’s 0.5 times, the analysts pointed out in their report.
- “Huge investor appetite for Southeast Asian tech, amid a lack of publicly listed alternatives, may back Bukalapak’s price tag,” they added.