By Ardi Wirdana
The equity crowdfunding platform operators are required to have at least Rp 2.5 billion in capital when applying for licences.
The Chinese company, which was earlier targeting to raise about $1 billion, is discussing the possibility of selling shares in New York as soon as the first half.
For Beijing, the move is seen helping to counter U.S. curbs on its technology companies and may draw the next generation of hi-tech firms to list at home.
The Creador-backed firm is considering to list the business in either Malaysia or Hong Kong, and the IPO could happen by the fourth quarter of this year.
Reebonz Holding is the entity formed after the merger of Singapore’s online luxury marketplace Reebonz with Nasdaq-listed DOTA.
The listing will raise around $100 million for the unit, which accounts for a fraction of parent China National Tobacco Corp’s overall business.
The international unit accounts for a tiny portion of China Tobacco’s overall business, which has a bigger market share than the next five global tobacco companies combined.
The group seeks to raise invest the IPO proceeds to fund a new park in China’s Shandong province apart from expanding its existing theme park operations.
The IPO is likely to fetch around $400-500 million although the final number will depend on the eventual stake dilution and the valuation of the company.
With the general elections scheduled for early next year and volatility still seen in markets, 2019 is expected to be a challenging year.