Digital business converter and accelerator DIVA has officially announced its plan to list its shares on the Indonesian Stock Exchange (IDX) in November, targeting to raise up to Rp 800 billion ($53 million) from the offering.
At a public expose event held on Tuesday, the company said, it will offer a maximum of 214,285,700 new shares, equivalent to 30.0% of its paid-up capital, at a price ranging between Rp 2,800 and Rp 3,750 apiece.
DIVA aims to modernise the small and medium enterprises (SMEs) operating in Indonesia, empowering them with both technology and innovative products.
The company provides a unified multi-payment device called DIVA Smart Outlet (OS) that can process various cash and non-cash payments as “point-of-sale” (POS) and offers digital products, as well as an AI-empowered integrated messaging platform called DIVA IIM, which rides on popular applications such as WhatsApp, LINE, Telegram, and Facebook Messenger.
With the nearly 17,000 SMEs that DIVA is currently linked up with, the company offers a bundled product in a joint collaboration between industries.
The company says it plans to use 55% of the proceeds for working capital, 40% for capital expenditure, and the remaining 5% is to be directed to investment in human capital.
“We believe that DIVA is moving in the right direction to convert and accelerate Indonesian SMEs into becoming so-called “digital troops of the Indonesian economy”. With our technology and digital platform, we believe that we are revealing a huge potential to boost exponential growth for our economy through SMEs,” said DIVA director Dian Kurniadi.
DIVA is a subsidiary of publicly-listed investment firm Kresna Graha Investama, which has developed a reputation for successfully taking promising tech startups to access capital on the stock market. Of the four tech startups that have listed on the IDX, two are backed by Kresna.
DIVA’s IPO will make it the fifth tech startup to list at the IDX and potentially also the biggest, should it manage to reach its $52-million target.
The first Indonesian startup to IPO was O2O e-commerce company Kioson, which listed on the IDX last year and raised $3.4 million. It was followed by Kresna-backed M Cash and NFC, which raised $22 million and $21 million in their IPO, respectively. The most recent tech IPO is Passpod which bagged $32 million when it listed earlier this week.