Stocks of Indonesian e-commerce company Bukalapak surged nearly 25% on Friday’s trading debut — from an initial public offering price of IDR 850 ($ 0.059) to IDR 1,060.
As investors participated in the IPO, soaring stock prices triggered the Indonesia Stock Exchange’s automatic denial mechanism. This function rejects any further increase in the stock price when it reaches the upper limit. Stocks with prices between IDR 200 and IDR 5,000 are allowed to rise by as much as 25%.
According to the report, the e-commerce company has raised $ 1.5 billion in Indonesia’s largest IPO, with a value of $ 6 billion.
According to Romaine Jackson, Head of Southeast Asia at Dealogic, Friday’s list shows how strong bullish investors are in Southeast Asia, especially in e-commerce.