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Bukalapak (BUKA) is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace that connects buyers and sellers. The company also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to micro, small and medium enterprises (MSMEs).
Bukalapak (BUKA) is an Indonesian e-commerce company. While it operates its C2C online marketplace, the focus for its next stage of growth would be its Mitra segment. BUKA’s Mitra business not only helps to solve traditional warung’s business pain points, it will also be the driving force in converting offline users into its online Mitra app which gives it a strong first mover advantage.
This also puts BUKA in a strong position to offer even more services to Mitras and consumers on top of the loans, investments, domestic remittances, etc. that it already has.
In this note, we will look at the company’s business and share our thoughts on the IPO.
Bukalapak IPO - Structural tailwinds with a noble cause
Bukalapak is looking to raise up to US$1.13bn in its Indonesia IPO.Bukalapak (BUKA) is an Indonesian e-commerce company. The company operates an online consumer-to-consumer (C2C) marketplace that connects buyers and sellers. The company also operates Mitra Bukalapak (Mitra) which provides online-to-offline (O2O) services to micro, small and medium enterprises (MSMEs).
Bukalapak (BUKA) is an Indonesian e-commerce company. While it operates its C2C online marketplace, the focus for its next stage of growth would be its Mitra segment. BUKA’s Mitra business not only helps to solve traditional warung’s business pain points, it will also be the driving force in converting offline users into its online Mitra app which gives it a strong first mover advantage.
This also puts BUKA in a strong position to offer even more services to Mitras and consumers on top of the loans, investments, domestic remittances, etc. that it already has.
In this note, we will look at the company’s business and share our thoughts on the IPO.
Underlying
Bukalapak
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Zhen Zhou Toh
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