JAKARTA (TheInsiderStories) – PT Distribusi Voucher Nusantara, unit of publicly listed PT M Cash Integrasi Tbk (IDX: MCAS) plans to list its shares on the Indonesia Stock Exchange (IDX) on Nov. 27. The company eyes up to Rp803.55 billion (US$53.57 million) from the initial public offering (IPO).
The android developer announced to offer as much as 214.28 million new shares or equivalent to 30 percent of paid-in capital, with offering price range of Rp2,800 to Rp3,750 per share.
Raymond Loho, President Director of DIVA said at the public expose on Tuesday (30/10), the company aimed to empower small medium enterprises (SMEs) to go digital and increase their contribution to the Indonesian economy.
He added, the startup company viewed IPO as an important strategy in realizing this vision. Loho stated, the funds from the IPO will be used for working capital and 40 percent for capital expenditure.
Furthermore, Dian Kurniadi, the director at the company explained, with 56.6 million existing SMEs, currently only 8 million SMEs are targeted to be digitized by 2020. “Not to mention the low level of financial inclusion where the government aims to encourage 75 percent of Indonesia’s population to become a population with banking access in 2019,” he added.
Based on the prospectus, the book building of the IPO will run from Oct. 30 to Nov. 9, the effective date on Nov. 16, the offering period starts from Nov. 21 to 23, and will be listing at IDX on Nov. 27.
Distribusi Voucher has been active since 2015. The current app portfolio contains 5 apps, all of which are listed in the category Tools.