Goodbyes. After almost two years, Bukalapak's CEO, Rachmat Kaimuddin, is stepping down to work in government. He's to thank for roping in big-name investors and taking the company public in the IPO that broke the SEA tech internet.

• Bukalapak's shares have now sunk 60% from its IPO price. Yikes!

🔙  Looking back

In August, Bukalapak broke all the Indonesian Stock Exchange's (IDX) records. It was the first of the country's four OG tech unicorns to go public, bringing massive global and local interest. After IPO-ing, its share price shot up and hit the maximum price cap for two days in a row.

• It's Indonesia's fourth-largest e-commerce company.
• It helps millions of traditional family-owned street stalls (called "warungs") come online and grow.
• It raised $1.5B (Indonesia's largest in a decade!), valuing the company at $6B.

💰 Stocking up

It wasn't just institutional investors who were cashing in. A ton of retail investors banked on the share price hiking up, buying Bukalapak stock on Indonesian investment apps like Ajaib and Stockbit in the hopes of making a quick buck.

Ups and downs. Though, the same retail investor hype that pushed its price up may have also pulled it down. Sadly, most rookie investors won't be there for your company's lows.

• In a twist, Bukalapak's shares slid 6.76% on its third day— hitting the IDX's limit for one-day price drops.
• 59% of trading value on the IDX this year was from retail investors, compared to just 37% the year before.

🔭  Beyond the stocks

While its share price hasn't gone up, Bukalapak's growth has. It has doubled down on Tier 3 cities and beyond and released new business lines like bookkeeping app BukuMitra. Looking ahead, it'll also be using some of its IPO $$$ for acquisitions!

• Bukalapak's Q3 2021 revenue grew 58% YoY and lowered its losses.
• 73% of the value of transactions processed under Bukalapak comes from beyond Tier 1 cities.

💪🏼  Something to prove

It may be Indonesia's fourth-largest e-commerce company with 7% of the market, but some claim it may fail to scale and get pushed out by Sea Group, Grab and GoTo.