Indonesian modem rental startup Passpod seeks to raise $2.6m in IPO

Indonesian modem rental company PT Yelooo Integra Datanet (Passpod) on Wednesday said it is looking to raise Rp 40 billion ($2.6 million) through an initial public offering this month on the Indonesian Stock Exchange (IDX).

The company plans to offer 130 million shares, or about a 34.21 per cent of its shares, at Rp 250-Rp 375 apiece.

The startup revealed that Digitaraya, an accelerator formed by local ecosystem builder Kibar in cooperation with Google Accelerator Launchpad, has expressed interest in becoming its strategic investor.

Passpod, which describes itself as a ‘digital tourist pass’, focuses on meeting the connectivity needs of travellers. One of the services it offers is a 4G portable modem rental which enables travellers to stay connected while abroad without going through the trouble of searching for a wi-fi connection or buying costly data plans.

Passpod Executive Director Hiro Whardana said, the proceeds from the IPO will be used for business development, research and development and capital expenditure in the form of additional modems and power banks.

He added that the company will also be looking to expand into other services beyond modem rental.

“Once the connectivity needs of travellers are met, there will, of course, be other needs that can be accommodated. After the IPO, there will be a few other services that will be provided by Passpod such as providing event tickets, itinerary builder, e-commerce, travel insurance and other services,” Whardana said.

Going forward, Passpod will focus on three business segments — travel services, AI & big data, and global connectivity.

Passpod’s IPO will make it the fourth tech startup in the country to go public, following Kioson, M Cash and NFC Indonesia.

The first Indonesia-based 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 M Cash and NFC, which raised $22 million and $21 million in their IPO, respectively.

Publicly-listed investment firm Kresna Graha Investama, backer of both M Cash and NFC, recently told DEALSTREETASIA that it plans to take digital business enabler DIVA, another of its startups, to IPO at the end of the year.

Also Read:

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.