Milbank LLP advised PT Bukalapak.com Tbk (“Bukalapak”) in connection with its successful initial public offering listed on the Indonesia stock exchange on August 6th. The offering raised approximately US$1.5 billion (Rp 21.9 trillion) and is Indonesia’s largest IPO to date. Bukalapak is the country’s first “unicorn” to list on the Indonesia Stock Exchange.
The proceeds of the IPO will be used to further strengthen Bukalapak’s financial position and drive future growth.
Bukalapak, which in Bahasa Indonesia means “opening a kiosk in the market,” is an e-commerce marketplace designed to help the country’s millions of mom-and-pop kiosks – an important and traditional segment of the country’s economy – remain competitive with modern retailers by selling goods online and offering additional online services such as bill payment.
Bukalapak has grown into one of the largest e-commerce companies in Indonesia and counts Singapore sovereign wealth fund GIC, Microsoft and Jack Ma's Ant Group among its backers.
The Milbank team was led by Singapore partners Jacqueline Chan and Giles Kennedy with Global Capital Markets associates Steven Holm, Raashi Mukherji and Andre Seah. Support from New York was provided by Alternative Investments partner Catherine Leef Martin and associate Megha Kalbag.
“We are delighted to advise Bukalapak on this landmark transaction for Indonesia and its burgeoning technology and e-commerce sector,” said Mr. Kennedy.
“We believe we are seeing the start of the next stage of growth of Indonesia’s tech sector and that this transaction is an important milestone in the development and sophistication of the Indonesian tech economy,” added Ms. Chan.
