PT Bukalapak.com Tbk plans to conduct an initial public offering (IPO) of a maximum of 25.76 billion shares or representing 25% of the issued and fully paid capital after the IPO.

Based on the brief prospectus released Friday (9/7), the offering price ranged from Rp750-850 per share. Thus, the company targets IPO funds to reach around Rp21.9 trillion.

The proceeds from the IPO will be used for around 66% as working capital and the rest for the company's subsidiaries, including about 15% allocated to PT Buka Mitra Indonesia and PT Buka Usaha Indonesia, around 1% to PT Buka Investasi Bersama, PT Buka Pengadaan Indonesia, Bukalapak Pte Ltd, and PT Five Jack.

In the context of the IPO, Bukalapak uses the financial statements ending March 31, 2021, where revenue was recorded at Rp423.70 billion, loss for the year attributable to owners of the parent entity was Rp319.12 billion.

Cash and cash equivalents at the end of the period reached Rp1.68 t