Indonesia Stock Exchange (IDX) today suspended the trade of shares and warrants of Indonesian e-commerce startup Kioson, which debuted on the stock exchange on October 5 as the first tech startup to get listed on the platform.

Citing a significant hike in cumulative price for Kioson’s shares, IDX called for the need to cool down.

“[The decision was made] with the goal to give sufficient time for market players to make careful consideration based on existing information to invest in KIOS shares and its Series I Warrant KIOS-W,” IDX stated.

Debuting at IDR450 (US$0.03) during closing on October 5, yesterday the price of Kioson’s shares closed at IDR2,120 (US$0.15) with its warrants closing at IDR1,690 (US$0.12).

Kioson has also recently announced the acquisition of e-voucher aggregator service provider Narindo, which was believed to have led to unusual market activity for Kioson’s shares and warrants.

In a press statement, Kioson said that it sees the movement as a “reflection of enthusiasm” from retail investors in Indonesia to invest in tech startups.

“This means there has always been a high interest to invest in tech startups, but they [retail investors] were not able to channel that,” said Kioson Managing Director Jasin Halim.

Also Read: M Cash to list on IDX on October 31 as the second Indonesian startup on the stock exchange

Rights issue by a Kioson shareholder

Digital telecommunications company Mitra Komunikasi Nusantara (MKN), which is a shareholder in Kioson through its US$450,000 investment into the company in June, on Monday announced that it has issued new shares and warrants through rights issue mechanism.

MKN will issue as many as four billion new shares at IDR20 (US$0.001) per shares, followed with a warrant option for existing shareholders.

MKN Managing Director Jefri Junaedi said in a separate press statement that the rights issue is a strategic move from the company to raise fresh funding from investors; it aims to raise IDR1.2 trillion (US$88 million) with IDR600 billion (US$44 million) raised through shares and IDR612.5 billion (US$45.3 million) raised through warrants.

The fundraising was meant to strengthen working capital for its subsidiaries, including Kioson.