M Cash subsidiary NFC Indonesia debuts on IDX, raises $21m

PT NFC Indonesia

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.

Also Read:

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

M Cash & Kresna acquire 29% in MatchMove Indonesia, prepare it for 2018 listing

Strong appetite among Indonesia’s retail investors for startups: Kioson CEO

 

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.