Largest IPO turns into a flop as Bukalapak falls

Cause for concern: A worker fulfills customers’ orders at a PT Bukalapak.com warehouse in West Java. The e-commerce operator has lost more than half its value since going public in August last year. — Bloomberg

JAKARTA: PT Bukalapak.com has lost more than half its value since raising US$1.5bil (RM6.29bil) in Indonesia’s biggest initial public offering (IPO).

The shares closed at a record low 352 rupiah (10 sen) on Tuesday, pushing its market value below 37 trillion rupiah (US$2.6bil or RM10.79bil). That’s down 66% from the 109 trillion rupiah (RM31.8bil) market cap recorded on its first trading day in August.