JAKARTA. Financial Services Authority (OJK) warns PT Bukalapak.com Tbk (BUKA) to immediately use the remaining proceeds of initial public offering (IPO) of IDR 9.8 trillion.

As of now, the proceeds are known to be placed in securities and deposit accounts.

Prior to this, total proceeds raised by BUKA during IPO in 2021 were IDR 21.9 trillion. In the issued prospectus, the company was said to use IPO proceeds as its working capital and extra investment in subsidiaries.

Inarno Djajadi, Chief Executive of Capital Market, Financial Derivatives, and Carbon Exchange Supervision of OJK, said that OJK has sent numerous warning letters to BUKA to immediately use the IPO proceeds.

Until June 30, 2024, the remaining IPO proceeds of BUKA placed in deposit and demand accounts are recorded at IDR 900 billion. The remaining IDR 8.9 trillion are invested in government securities. (KR/ZH)