<article><a href="https://www.dealstreetasia.com/?s=M+Cash+Integrasi" target="_blank" rel="noopener">M Cash Integrasi</a>, the second startup ever to go public in Indonesia, made its debut on the Indonesian Stock Exchange (IDX) on Wednesday with shares jumping 685 points or about 50 per cent at the opening of trade.</article>

<a href="https://www.dealstreetasia.com/?s=M+Cash+Integrasi" target="_blank" rel="noopener">M Cash Integrasi</a>, the second startup ever to go public in Indonesia, made its debut on the Indonesian Stock Exchange (IDX) on Wednesday with shares jumping 685 points or about 50 per cent at the opening of trade.
The startup’s $22-million IPO was reportedly oversubscribed by 10.69 times, while pooling for retail investors was oversubscribed by 69.5 times. Local investors make up about 62.3 per cent, and the remainder 37.7 per cent was taken up by foreign investors.
Hong Kong-based private equity firm PAG Asia Capital and Maybank Asset Management were among the anchor investors, according to MCI director Suryandy Jahja.
“There are other several big names participating – mostly from Hong Kong, Singapore, US, Australia, and Indonesia – but they can’t be disclosed because of compliance,” Jahja had told DEALSTREETASIA recently.
About 15 local asset managements also participated in the anchor allocation, in addition to several unnamed Singaporean family offices.
<a href="https://www.dealstreetasia.com/?s=Kresna+Graha+Investama" target="_blank" rel="noopener">Kresna Graha Investama</a>, through its unit Kresna Usaha Kreative (KUK), bought a 17.6 per cent stake in MCI in April. The company has said it will “look into” the possibility of increasing its control in MCI after the IPO.
MCI became the second Indonesian startup to ever list on <a href="https://www.dealstreetasia.com/?s=IDX" target="_blank" rel="noopener">IDX</a> after <a href="https://www.dealstreetasia.com/?s=Kioson" target="_blank" rel="noopener">Kioson</a>, an O2O e-commerce startup based in Jakarta. Kioson debuted on the stock exchange on October 5 at IDR 450 (US$0.03).
Within two weeks, Kioson shares and warrants surged powerfully, prompting the authorities to suspend its trading twice &#8211; first on October 17, and the second on October 20.
Kioson is often compared to Kudo, its direct rival in Indonesia, which was bought by Grab for $100 million. The startup provides an online digital platform to small- and medium-sized retailers, helping them conduct digital transactions with big companies in urban areas.
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Indonesia startup M Cash Integrasi debuts on IDX, shares jump 50%

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Indonesia startup M Cash Integrasi debuts on IDX, shares jump 50%

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