With Rachmat Kaimuddin, CEO, Bukalapak
Online marketplace Bulakapak became Indonesia’s first tech unicorn of this generation to successfully list on the Indonesia Stock Exchange after raising $1.52 billion in its initial public offering, five times more than the original target of $300 million. After the IPO, Bukalapak’s top three backers include Emtek subsidiary PT Kreatif Media Karya, Ant Group’s API Investment Ltd, and GIC – who together own 46% of the company.
Bukalapak’s listing is significant as it not only tested the depth of the local bourse but also set the stage for other tech unicorn listings in the SE Asian region. GoTo, the entity formed after the merger of Tokopedia and ride-hailing and deliveries giant Gojek earlier this year, is also eyeing a listing by the end of this year in Indonesia before it lists in the US. Singapore-based Grab is set to list on the NASDAQ by the fourth quarter of this year.
The path to IPO was actually laid nearly two years back in December 2019 when Bukalapak appointed ex-banker Muhammad Rachmat Kaimuddin as the CEO. Kaimuddin had the challenging task of keeping his eyes trained sharply on costs, efficiencies and business sustainability. Many industry observers had marked that the move was aligned to help the company maintain growth and meet investor expectations in a highly competitive market.
Kaimuddin was a director of finance and planning at local lender Bank Bukopin prior to joining Bukalapak. He has served stints at Quvat Management, Baring Private Equity, Bosowa Corporindo, and Semen Bosowa.
After steering Bukalapak to a blockbuster IPO, what are the next targets for Kaimuddin? We will ask the seasoned finance veteran about the most remarkable milestone in Indonesian public markets and what it means for the exit landscape for the tech startup ecosystem.