Jakarta, CNBC Indonesia – Issuer’s stock price startup e-commerce supported by Emtek Group, PT Bukalapak.com Tbk (BUKA) fell again to touch the lower auto rejection limit (ARB) of 7% at the close of trading last Thursday (12/8/21).
Shortly after the opening bell rang at the start of trading, OPEN shares were already exposed to ARB.
According to data from the Indonesia Stock Exchange (IDX), recorded at the close of trading on the 4th day on the stock exchange since last Friday (6/8/21), BUKA’s shares fell 6.76% to Rp 965/share.
This 7% ARB correction continued the decline in the ARB level on Tuesday (10/8/21) when BUKA’s shares fell 6.76% at Rp 1,035/share.
Foreign investors again made a net sell of Rp 870 billion in the regular market. With this, since the beginning of the ‘gig’, aka the initial public offering (IPO), foreigners have made a net sell with a total of IDR 2.02 trillion in all markets.
Broker PT Citigroup Sekuritas (CG) was recorded as the main actor in the net sale of BUKA shares in yesterday’s trading after selling 4.89 million BUKA shares with an average selling price of Rp. 965/unit.
CG broker is indeed the broker who is most diligent in selling OPEN shares where since Bukalapak took the floor last Friday, CG has sold 9.75 million lots (equivalent to 975 million shares, 1 lot contains 100 shares) at an average price. sales of Rp. 1,133/unit.
Given that Citigroup is not a underwriter BUKA shares that get the majority share of the shares issued during the IPO.
Most likely CG is an old investor who entered before the IPO where there are 10% shares of old investors that are unlocked according to the prospectus published by Bukalapak.
There is indeed a possibility that the investor who uses a CG broker buys shares from lead underwriter and then transfer it to the CG broker through the back lane alias backdoor.
However, this is not uncommon considering, brokers lead underwriter which gives the share of shares to the investor, of course, expects that the investor will make transactions at the broker.
Thus, the broker will receive a profit brokerage fee in addition to ‘cuan’ besides allotment fee for having given the share of OPEN to the investor.
Therefore, it is very likely that investors who use CG brokers are not investors who entered during the initial offering but are old investors of Bukalapak shares that have entered before the company took the floor.
Nah, the question that is on the minds of investors right now is, of course, how much of the remaining ‘goods’ (BUKA shares) can these old investors sell after selling out the BUKA shares for 4 consecutive days?
According to the prospectus issued by the company, there were 22 entities that owned Bukalapak shares prior to the IPO whose shares were unlocked.
However, the 22 investors voluntarily committed to locking up 90% of their share ownership so that it cannot be transferred for the next 8 months.
These 22 investors are recorded to have a total of 28.57 billion Bukalapak shares, which means that they are only allowed to sell 2.85 billion Bukalapak shares or 28.57 million lots of Bukalapak shares that can be transacted.
It was recorded that since the OPEN floor last Friday, there were 6 non-brokers underwriter who are keen to do massive net selling.
The brokers are PT Citigroup Sekuritas (CG) which ‘flushed’ 9.75 million lots, PT DBS Vickers Sekuritas (DP) which released 2.22 million lots, PT Credit Suisse Sekuritas (CS) which sold 2.07 million lots. , PT JP Morgan Sekuritas (BK) which sold 1.28 million lots, PT Verdhana Sekuritas which sold 1.14 million lots, and PT CGS CIMB Sekuritas (YU) which sold 2.3 million lots.
In total, the six securities have sold a net 17.54 million shares of BUKA so that if based on the number of shares owned by the old investors that can be traded, which is 28.57 million lots, there are still around 11.03 million lots of BUKA shares owned by the shareholders. long.
Of course, this figure assumes that it was the old shareholders who released the OPEN shares through 6 non-brokers underwriter the new shareholders who enter through a public offering.
It is also assumed that all of these old shareholders are ready to sell their 10% tradable shares in the next 8 months after how big because getting OPEN shares below the IPO price.
For your information, in addition to 22 investors who lock up voluntarily for 8 months, there are still 32 other shareholders, including other shareholders consisting of 204 individual shareholders who are employees or ex-employees of the company. They are shareholders who are obliged to lock up share ownership in the company in accordance with POJK No. 25 Year 2017 (6 key months).
CNBC INDONESIA RESEARCH TEAM