The shares of Indonesia ecommerce giant Bukalapak fell again earlier this week as Indonesia continue to witness capital outflow. In fact, the shares of Bukalapak have fallen by nearly 50% of its price from its initial public offering (IPO) three months ago.

Earlier this month, the Central Bank of Indonesia, Bank Indonesia, confirmed that there has been a capital outflow of up to IDR 12.5 trillion, or approximately US$862.5 million between November 29th to December 2nd.

On Tuesday (Dec 7) afternoon, the shares of the Indonesian ecommerce giant fell by 2.63% to reach a value of IDR 444 per share. This is nearly half of the price of Bukalapak’s shares during its IPO of IDR 850 per share.

In the first nine months of 2021, Bukalapak has booked net losses of IDR 1.1 trillion. Although this is an improvement from the same period last year of net losses of IDR 1.4 trillion, many analysts are saying that a net loss of 1.1 trillion is still quite large, making it difficult for the company to become profitable.

Compared to its competition, Bukalapak is also lagging significantly in terms of customers. For example, the Tokopedia app has now been downloaded by over 100 million users while Bukalapak has only be downloaded by 50 million users.

Some analysts are saying that Bukalapak is not showing any signs of a reversal trend which means the company shares will likely continue to drop.

At the time of this writing however, Bukalapak shares have risen to IDR 515 per share, indicating it might just surprise analysts.

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