Indonesian e-commerce startup M Cash Integrasi has officially begun listing on the Indonesia Stock Exchange (IDX) today.

During opening, the price of M Cash’s shares rose 49.46 per cent from IDR1,385 (US$0.10) to IDR2,070 (U$0.15).

On its initial public offering (IPO), which was held on October 26-27, the company raised IDR300 billion (US$22 million), oversubscribed by 10.69 times.

The shares also gathered the interest of both foreign (62.3 per cent) and local (37.7 per cent) retail investors; it was also oversubscribed by 69.5 times for its pooling offering for retail investors.

The company named PAG Asia Capital and Maybank Asset Management, and listed investors from Hong Kong, Australia, the US, and Singapore on its IPO.

M Cash operates digital kiosks for purposes such as purchasing phone credits and paying for utilities, installed at supermarket chains or other offline stores.

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

The company plans to use 60 per cent of the funds raised through the IPO as working capital. Thirty per cent of the funds will be used to purchase machines, software, and IT infrastructure, while the remaining 10 per cent will be used for human resource.

“Right now we have 1,000 kiosks and target to have 4,000 kiosks by 2018 and 10,000 kiosks by 2020. Through the IPO, we would like to expand the reach of our digital kiosks to every segment in the society, as well as educating them about this new business model and how it can ease their daily life,” M Cash Managing Director Martin Suharlie explained the company’s targets in a press statement.

M Cash issued 25 per cent of shares or the equal of 216,983,300 shares to public investors.

The company wrote history as the second Indonesian startup to list on the IDX, following Kioson which began its listing on October 5.

Shares price of Kioson closed at IDR2,850 (US$0.20) yesterday, a 13.90 per cent decrease from the previous price of IDR3,310 (US$0.24). This is the first time the price experienced a decrease since its debut; On october 17, IDX had to suspend trading due to unusual market activity as the company’s shares price continue to rise rapidly.