Bukalapak hits ARA on debut

Bukalapak share price skyrocketed on its debut on the Indonesia Stock Exchange (IDX) today (6 August), hitting the upper limit which then triggered auto rejection (ARA). The shares opened at Rp850 apiece and soared 24.74% to Rp1,060 apiece. Bukalapak recorded as many as 983 transactions for 223 million shares totaling Rp236 billion today.

ARA is a stock exchange mechanism implemented in the IDX for stock and securities trading. This mechanism takes effect when the share price hits the upper limit, in which the IDX's system will automatically reject any purchase beyond that point. 

In the initial public offering (IPO), Bukalapak released 25.76 billion shares or 25% of capital. The company will raise a total of Rp21.9 trillion from the IPO. The e-commerce platform plans to use 66% of the funds for working capital and 34% to fund its subsidiaries.