17583-34662-2-PB.pdf

Along with economic developments in Indonesia, the capital market in Indonesia continues to grow, this development attracts companies that want to take corporate action, one form of corporate action is an initial public offering. In the period January 2017 to November 2021, there were 219 companies that carried out IPOs, one of which was an e-commerce company from Indonesia, namely PT. Bukalapak.com which offered its initial shares to the public on August 6, 2021. The number of companies conducting IPOs indicates that Indonesia's economic movement continues to grow. Furthermore, this study was conducted to determine the reaction of the capital market to the announcement of Bukalapak's IPO on IDXTechno shares for the period January 2021 - November 2021. The purpose of this study was to determine whether the IPO announcement event caused a reaction that could provide a significant difference before and after events in the capital market. Based on the technique, this study is a quantitative research, based on the goal and kind of inquiry, this research is included in the descriptive and comparative categories. Sampling utilized the purposive sampling approach with certain criteria, the total number of samples used was 21 businesses listed on the IDXTechno Index for the period January – November 2021. The data analysis approach employed the normality test Shapiro-Wilk and then evaluated the hypothesis using the paired samples t-test since the data normally distributed. The results showed the abnormal returns before and after the Bukalapak IPO announcement, with the paired samples t-test results showing a probability value of 0.175 or 17.5 percent indicating that there was no significant difference in abnormal returns before and after the Bukalapak IPO announcement, because the value the probability of abnormal return is greater than the significance level of 0.05 or 5 percent (0.175 < 0.05). In addition, trading volume activity with the results of paired samples t-test shows a probability value of 0.128 or 12.8 percent so that this value still exceeds the significance level of 5 percen , this indicates that there is no significant difference in trading volume activity before and after the announcement event Bukalapak IPO.