<article>Indonesian modem rental service company <a href="https://www.dealstreetasia.com/tag/passpod/">Passpod</a> on Monday made its official listing debut on the Indonesian Stock Exchange (IDX) in an oversubscribed public offering, making it the fourth tech startup to go public in the country.</article>

Indonesian modem rental service company <a href="https://www.dealstreetasia.com/tag/passpod/">Passpod</a> on Monday made its official listing debut on the Indonesian Stock Exchange (IDX) in an oversubscribed public offering, making it the fourth tech startup to go public in the country.
The company, which plans to offer 130 million shares, or about a 34.21 per cent of its shares, at Rp 250-Rp 375 apiece, said its shares had been oversubscribed by more than 10.27 times during its offering period, 18-22 October .
From the IPO, the company has managed to raise almost Rp 501 billion ($32 million), more than double its initial target of Rp 48 billion, according to stock issuance guarantor Sinarmas Sekuritas, as reported by local media.
The company, which goes by the IDX ticker symbol YELO, becomes the 46th issuer in 2018, as well as the first startup built by the IDX Incubator to take part in the Indonesia Stock Exchange.
The IDX Incubator itself is a startup incubation programme initiated by the Indonesia Stock Exchange (IDX) and Indonesia Financial Services Authority (OJK). The programme serves to help develop startups in Indonesia in terms of business, legal, and funding to allow them to list on the stock exchange.
Passpod CEO Hiro Whardana said, he hoped that the move can inspire other startups to continue to take note of various funding options.
&#8220;In the motivation we received from incubation process at IDX Incubator, not to wait for large growth before launching an IPO, as an IPO may actually help grow startups,&#8221; Whardana said.
Passpod, which describes itself as a ‘digital tourist pass’ for Indonesian travelers abroad, has three business segments, namely travel services, AI &amp; big data, and global connectivity. As of April 2018, the company recorded Rp 475 million in net profit in the current period, up from Rp 26.5 million secured in the same period the previous year.
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.
The IPO makes Passpod the fourth tech company to be listed in the Indonesian bourse. 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.
Like Passpod, all of its tech predecessor also saw their shares oversubscribed on their debut listing.
Indonesia is set to see a fifth tech startup go public before the end of the year. 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:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/indonesia-passpod-ipo-107950/">Indonesian modem rental startup Passpod seeks to raise $2.6m in IPO</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/theres-definitely-appetite-for-tech-ipos-in-indonesia-says-kresna-md-jahja-108461/">There’s definitely appetite for tech IPOs in Indonesia: Kresna MD Jahja</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/exclusive-kresna-backed-diva-targets-raising-up-to-53m-via-year-end-idx-ipo-107914/">Exclusive: Kresna-backed DIVA targets raising up to $53m via year-end IDX IPO</a>

Indonesian modem rental service company Passpod on Monday made its official listing debut on the Indonesian Stock Exchange (IDX) in an oversubscribed public offering, making it the fourth tech startup to go public in the country.

Indonesian modem rental startup Passpod bags $32m in oversubscribed IPO

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Indonesian modem rental startup Passpod bags $32m in oversubscribed IPO

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief