Kioson IPO raises US$3.4mil

  • IPO was over 10 times oversubscribed
  • Shares rise 50% on debut

 

Kioson IPO raises US$3.4mil

 

INDONESIAN e-commerce online-to-offline (O2O) startup PT Kioson Komersial Indonesia Tbk (Kioson) listed on the Indonesia Stock Exchange on Oct 5 making it the first tech startup in the country to go public in the bourse.

Trading under the code of KIOS, the startup raised US$3.4 million (45 billion rupiah) during initial offering period of Sept 26-28.

Selling at US$0.02 (300 rupiah) per share, Kioson issued 150 million shares, equivalent to 23.07% of total shares. The shares rose 50% on debut.

During its initial offering period in September, Kioson’s stock price is set at 300 rupiah (US$0.021) per share and sells 150 million shares or 23.07% of the total equity.

“We had tried raising fund from VCs, but did not find a suitable partner, so we think the IPO will be game changing for us. We encourage more retail investors to join the capital market to invest in startups,” said PT Kioson Komersial Indonesia Tbk (Kioson) president director Jasin Halim during the listing.

Kioson is the 24 listing on the Indonesian bourse this year of a total of 558 scheduled for this year.

Kioson is listed under Trade Service and Investment sector and Retail Trade sub-sector.

Almost 76% of the funds raised will be used to acquire PT Monjes Investama's 99.34% stake in PT Narindo Solusi Komunikasi (Narindo), a digital product distributor. The acquisition value is estimated at 30 billion rupiah (US$2.25 million). Jasin says that the acquisition process will begin next week.

Jasin says that his biggest challenge is to educate the market.

“We know that our competitors are startups with major funding. But we think that they will compliment us in educating the market,” he says.

Kioson has 19,000 kiosk partners across 384 cities in Indonesia and targets to increase this to 30,000 kiosks by the end of 2017.

 

Related stories:

Kioson to be first local startup to list on Indonesian Stock Exchange

Indonesia’s Aberdeen and Phillips in e-trading pact

E-commerce player Bhinneka aims for IPO in 2018

Ventures in the Southeast Asian jungle

 

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