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Digital exchange platform NFC Indonesia today began listing on the Indonesia Stock Exchange (IDX) with opening price of IDR2,770 (US$0.19), a 49.73 per cent (920 points) increase of previous price of IDR1,850 (US$0.12).

The company raised IDR308 billion (US$21 million) in an oversubscribed round for its IPO; its shares had been transacted for 15 times and earned IDR866 million (US$60,000) today.

Using the code NFCX, the startup becomes the third Indonesian startup to list on the stock exchange, following the footsteps of Kioson and M Cash in late 2017. NFC Indonesia itself is a subsidiary of the latter.

During its public expose, the company stated that it will release up to 166,667,500 new shares or the equivalent of 25 per cent of its paid up capital.

NFC Indonesia plans to use 60 per cent of the funding for working capital, 30 per cent for digital investments (including IT development), and the remaining 10 per cent for human capital investment.

Also Read: M Cash subsidiary NFC Indonesia sets eyes on IPO in July

The company’s business lines are divided into two parts: A digital exchange that focusses on mobile phone credits trade and a media and entertainment division.

NFC Exchange aims to increase efficiency and price transparency in telco industry through its services.

Its media and entertainment division OONA TV provides free TV and video streaming on a mobile app. OONA TV viewers can get rewards in forms of vouchers by clicking and watching ads on the platform. The service aims to offer a more strategic and targeted way for brands to advertise their products and services.

In a press conference, Kresna Securities President Director Octavianus Budiyanto revealed plans for the company to launch new business lines and possibly acquire another company which businesses are in line with it.