Bukalapak Shares Fall Below IPO Price Level

Jakarta, CNN Indonesia —

The share price of PT Bukalapak.com Tbk (OPEN) price plunges IPO namely Rp830 per share on Wednesday (18/8). BUKA’s share price at the time of the IPO was priced at IDR 850 per share.

OPEN was observed to have fallen 6.7 percent not long after the opening of trading at 9.00 WIB today. In the previous trading, Monday (16/8), OPEN closed at Rp890 per share.

Not even two weeks on the floor, BUKA often decorates a row of stocks that experience fantastic increases or even the deepest daily declines.

RI’s first open unicorn has printed several times auto reject top (ARA) aka up 25 percent on a daily basis and auto reject down (ARB) or down 7 percent in a day.

However, today foreign players posted a net purchase of Rp60.33 billion after selling off Rp1.4 trillion in the last two weeks.

Artha Sekuritas Indonesia analyst Dennies Christopher Jordan said that the reason for the weakening of issuers was not far from the market assessment that BUKA’s valuation was very expensive and did not match the company’s real performance.

“In my opinion, the price of an OPEN IPO is already very high overvalue (expensive), “he told CNNIndonesia.com.

On the other hand, Dennies admitted that it is difficult to read the direction of OPEN movement in the future because technology stocks do not yet have a benchmark (benchmark) clear. Currently, he assesses that stock movements will be greatly influenced by market euphoria.

“The market can answer,” he said.

On the first day of the IPO, BUKA skyrocketed almost 25 percent from the IPO level of Rp850. Then, on Monday (9/8), OPEN had strengthened strongly. Then, the stock consistently fell despite ending up 4.72 percent. After those first two days, OPEN plummeted.

On Tuesday (10/8), BUKA fell 6.76 percent to Rp1,035 from the peak price at Rp1,325. Stocks fell again on Thursday (12/8), with a decline of 6.76 percent and perched at Rp965. The weakening continues until the first session today.

[Gambas:Video CNN]




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