Indonesian startups queue up to launch IPOs to raise funds

People walk past a statue of a bull as they enter the Indonesia Stock Exchange (IDX) in Jakarta, Indonesia. Photographer: Dimas Ardian/Bloomberg

In September 2017, Kioson Komersial Indonesia, an e-commerce firm, became the first startup to unleash a trend of tapping the bourses to raise capital. It launched an initial public offering (IPO) in the country, raising $3.3 million in fresh funds. It was followed by digital kiosk startup MCash, which raised $22 million in the month of November.

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