Indonesian digital exchange platform NFC Indonesia on Friday hosted a public expose to reveal their plan for an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in July.
The Company will offer up to 166,667,500 new shares or the equivalent to 25.0 per cent of its paid-up capital, at an IPO price ranging between IDR1,500 (US$0.10) and IDR2,000 (US$0.14) per share.
In a press statement, NFC Indonesia explained the IPO as its “innate strategy to accelerate its business pace to be the biggest digital exchange hub in Indonesia, aiming to play a central role in the daily lives of a tech-savvy Indonesian society.”
It plans to use the funding raised from the IPO for working capital (60 per cent), various digital investment that include IT development (30 per cent), and human capital investment (10 per cent).
PT Kresna Sekuritas, PT Trimegah Sekuritas Indonesia Tbk, and PT Sinarmas Sekuritas are to act as the underwriters.
NFC Indonesia will be the third local startup to get listed on IDX, following Kioson and M Cash in late 2017.
Dubbing itself as a digital exchange platform, NFC Indonesia operates two different services: real-time phone-credit marketplace for its digital exchange business NFCXC and free TV and video entertainment app OONA TV, which is run by its subsidiary PT Oona Media Indonesia.
The company cited plans to expand into other forms of digital exchanges “in the near future.”
Image Credit: NFC Indonesia