Indonesia-listed e-commerce giant Bukalapak has fully deployed the net proceeds from its landmark 2021 initial public offering (IPO), marking the end of a nearly five-year capital deployment cycle and shifting investor attention to whether the investments can deliver sustainable returns.
According to a filing submitted to the Indonesia Stock Exchange (IDX) last week, the company said it has utilised all 21.33 trillion rupiah ($1.2 billion) in net IPO proceeds as of June 30, 2026.
This is in accordance with an IDX directive that all listed companies must fully deploy proceeds from public offerings within five years. In March, the company said it was reviewing parts of its investment portfolio and reallocating capital to ensure the remaining IPO funds would be utilised before the deadline.
Bukalapak raised 21.9 trillion rupiah ($1.22 billion) in gross proceeds from its IPO on August 6, 2021, Indonesia’s largest listing at the time. After deducting offering expenses of about 574.8 billion rupiah, the company received net proceeds of 21.33 trillion rupiah, all of which have now been deployed.
The proceeds were primarily allocated to working capital for Bukalapak and its subsidiaries, as well as business growth and expansion initiatives. The filing showed no remaining balance from the IPO proceeds.
The disclosure comes as Bukalapak continues to reshape its business following its exit from the online marketplace segment. The company has increasingly relied on its gaming division, which has become both its largest revenue and operating earnings contributor.
Gaming has since become Bukalapak’s largest business, underpinning both revenue growth and operating performance. In the first quarter of 2026, the gaming segment generated 2.1 trillion rupiah in revenue, accounting for about 88% of total revenue, while contributing 51 billion rupiah in contribution margin and 29 billion rupiah in adjusted EBITDA.
By comparison, Bukalapak’s Mitra, retail, and investment businesses all posted negative adjusted EBITDA during the quarter. Overall, the company reported a 63% year-on-year increase in revenue to 2.37 trillion rupiah but swung to a net loss of 424 billion rupiah, despite returning to positive adjusted EBITDA.
The company’s shares have remained under pressure since its 2021 listing, closing at 110 rupiah on the first session on Monday—about 90% below its IPO price of 850 rupiah apiece, valuing the company at around 11.3 trillion rupiah.
Execution phase
Nafan Aji Gusta, senior market analyst at Mirae Asset Sekuritas, said the completion of the IPO fund deployment marks the end of Bukalapak’s capital allocation phase, with investors now expected to focus on whether the investments have translated into stronger financial performance and long-term shareholder value.
“The focus of investors will shift from where the money was spent to how much value those investments have created,” he told DealStreetAsia.
According to Gusta, investors should no longer judge the company solely by how much of the capital has been deployed, but by whether the investments have translated into stronger financial performance.
He said key indicators include revenue growth, improvements in EBITDA and net profit, operating cash flow, return on invested capital (ROIC), cost efficiency, and the company’s ability to build a sustainable business.
“If these indicators improve consistently, then the use of IPO proceeds can be considered successful,” he said.
Gusta said Bukalapak’s strategic pivot away from its core e-commerce business was a rational response to intensifying competition in the sector, where achieving profitability has become increasingly difficult.
“Allocating capital to digital businesses with stronger margin prospects makes strategic sense. However, the effectiveness of that strategy ultimately has to be proven through stronger profitability, quality revenue growth, and the ability to generate sustainable positive cash flow. A good strategy still depends on good execution,” he said.
With the IPO proceeds now fully utilised, he expects scrutiny of management’s execution to intensify. “The room to explain financial performance through ongoing investment has become increasingly limited. Investors will focus more on the company’s ability to generate profits, strengthen operating cash flow, improve efficiency, and create value for shareholders,” he said.
He added that Bukalapak has entered a new phase where investor sentiment will depend less on the size of its cash reserves or expansion plans and more on its ability to convert past investments into sustainable growth, profitability, and shareholder value.
“From this point onward, consistent execution of its strategy and operational targets will be the main factors shaping investor perception of Bukalapak’s shares,” he said.
