PT NFC Indonesia, a subsidiary of listed digital kiosk company M Cash Integrasi, made its listing debut on the Indonesia Stock Exchange (IDX) on Thursday, raising a total of Rp 308 billion ($21 million) in an oversubscribed round for its IPO.
The company opened at Rp 2,770 ($0.19), a 49.73 per cent (920 points) increase of previous price of Rp 1,850 ($0.12). As of mid day on Friday, the NFCX share price increased to Rp 2,820.
In its public expose, the company said it will release up to 166,667,500 new shares or the equivalent of 25 per cent of its paid up capital.
NFC Indonesia 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’s listing makes it the third Indonesian startup to list on the stock exchange, after O2O e-commerce firm Kioson and digital kiosk firm M Cash Integrasi which raised $3.4 million and $22 million in their IPO, respectively.
The company said that 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.
It has previously stated that 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.
NFC’s holding company, M Cash Integrasi, is backed by Kresna Group. M Cash listed on the IDX in October last year, raising $22-million which was reportedly oversubscribed by 10.69 times, while pooling for retail investors was oversubscribed by 69.5 times.