JAKARTA (TheInsiderStories) – Local startup, PT Digital Mediatama Maxima also known Digimax, set the initial public offering (IPO) price within Rp190 – Rp270 a share to raises Rp726.30 billion (51.51 million), said the management today (09/25). Unit of a technology firm, PT NFC Indonesia Tbk (IDX: NFCX), offered 2.69 billion shares to investors.
PT Kresna Sekuritas and PT Trimegah Sekuritas Indonesia Tbk (IDX: TRIM) acted as joint lead underwriter for the IPO. While Macquarie Capital Securities (Singapore) Pte. Ltd. and SooChow CSSD Capital Markets (Asia) Pte. Ltd. became an international sales agents.
As planned, the book building period was held Sept. 24 – 30, the public offering period Oct. 9-11, the allotment Oct. 15 and shares will be listed on the Indonesia Stock Exchange (IDX) on Oct. 17. Director of the digital marketing platform, Mediatama Maxima Budiasto Kusuma said, mostly of the IPO proceeds use for working capital.
Digimax is an indirect subsidiary of Kresna Sekuritas and have branches in 4,000 locations in 24 cities around the country. The technology firm included in 22 companies in the IDX pipelines. Now, the provider connect to 49,000 stores, 45,000 Apps content and 4,600 cloud CMS connect
Last February, Digimax deposited funds worth of Rp594 million to PT Digital Maxima Indonesia (DMI). Now, the company own 99 percent of DMI shares.
Its holding, NFC Indonesia was established on August 26, 2013, enggaged in information technology services, digital and telecommunication. Some of the company’ products are digital credit aggregator portal and e-commerce portal.
To date, The bourse had announced 12 companies prepared to go IPO until the end of the year namely PT Asia Sejahtera Mina, PT Singaraja Putra, PT Sinergi Inti Plastindo, PT Ginting Jaya Energi , PT Aneka Mineral Indonesia, PT Palma Serasih, PT Mulia Boga Raya, PT Prima Globalindo Logistik, PT Cisadane Sawit Raya, PT Indo Bintang Mandiri, PT Repower Asia Indonesia, and PT SAM Indonesia.
Management of IDX stated that the local bourse will keep attracting more startup companies to become a listed company. The bourse has provided relaxation, such as changes part of the IPO rules.
I Gede Nyoman Yetna Setya, IDX’ director, revealed the regulator had required the startup to have a Net Tangible Assets (NTA) in a certain size to become an issuer. This regulation was often complained because not all companies had the tangible assets such as technology companies.
Now, IDX does not require the prospective issuers to meet the NTA requirements but must have revenues. If it could not penetrate the requirements regarding revenue, the bourse will consider the market capitalization of the company.
Previously, information and communications technology minister Rudiantara hoped Indonesian Financial Services Authority (FSA) and IDX will issue regulations for startup companies holding or unicorn to be able conduct an IPO in the local stock exchange.
Therefore, he hoped all the ecosystems associated with the capital market, whether on the part of the community or investors, fund managers, and stakeholders in the Indonesian capital market should share the same approaches.
He said that the major obstacle for unicorns to conduct an IPO is stock price valuation. Thus the government and the authority will carry out an assessment of unicorn companies.
“Sooner or later, the initial investors in these unicorns would have to find ways to exit from these unicorns (to realize gains),” he added.
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