M Cash subsidiary NFC Indonesia seeks to raise up to $24m via IPO

PT NFC Indonesia

PT NFC Indonesia, a subsidiary of listed digital kiosk company M Cash Integrasi, has announced plans to list its shares on the Indonesia Stock Exchange (IDX) in a bid to raise up to $24 million.

In an official release, NFC said it will offer up to 166.67 million new shares, equivalent to 25 per cent of its paid-up capital, at a price ranging between Rp 1,500 and Rp2,000 per share.

NFC currently operates two businesses. It integrates a real-time phone credit marketplace for its digital exchange business. Also, the company works through its subsidiary PT Oona Media Indonesia to offer OONA TV, a free TV and video entertainment application.

NFC says the IPO is part of the company’s strategy to accelerate its business pace to be the biggest digital exchange hub in Indonesia, aiming to play a central role in the daily lives of a tech-savvy Indonesian society.

The company says it will use 60 per cent of the funds raised from the IPO for its working capital needs, 30 per cent for various digital investments, including IT development, and will allocate the remaining 10 per cent to investments in human capital.

“As the most innovative digital exchange platform to go public, we believe this is just a start, with many more innovations in the pipeline that NFC will bring such as Digital Advertisements Exchange, Communication Platform Exchange and other Digital Exchanges to the market, NFC is on its way to create one of the biggest digital exchange hubs in Indonesia,” said NFC chairman Suryandy Jahja. 

NFC is a subsidiary of Kresna Group-backed M Cash Integrasi, which in October last year became the second startup to list on the IDX. Its $22-million IPO was reportedly oversubscribed by 10.69 times, while pooling for retail investors was oversubscribed by 69.5 times.

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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.

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.