TOKYO -- Bukalapak became the 13th most valuable public company in Indonesia after its shares soared in their market debut on Friday in Jakarta, as the company gets ready to take on intensifying competition in the country's fast growing e-commerce market.
Bukalapak's share price shot up to 1,060 rupiah in the opening minutes, a 25% jump compared to its initial public offering price of 850 rupiah. The surge triggered one of the the Indonesia Stock Exchange's daily upper price movement caps, with trading suspended for the remainder of the session.
