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.