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igital exchange platform PT NFC Indonesia has raised fresh funds to support the growth of its two business lines, namely a top-up voucher exchange and online video platform.

The company, a subsidiary of digital distribution firm PT M Cash Integrasi, obtained Rp 308 billion (US$21.36 million) from an initial public offering (IPO) held at the Indonesia Stock Exchange on Thursday.

After the opening bell of Thursday’s trading, the company’s shares rose 49.73 percent to Rp 2,770 from the initial Rp 1,850.

The shares were oversubscribed 9.8 times, attracting foreign institutional investors from Hong Kong, Malaysia and Australia as well as local institutional and retail investors.

The company’s president director Abraham Theofilus said 60 percent of proceeds from the IPO would be used for working capital, followed by 30 and 10 percent for digital expansion and human capital investment, respectively.

The company has two business lines, with the first one called NFCXC, a business-to-business top-up cellphone voucher exchange that allows distributors to buy and sell vouchers to other distributors. The distributors first buy the vouchers from cellphone operators, but they cannot sell their vouchers back.

“We observed that in the telecommunications industry, there are often imbalances of supply and demand of phone credit,” he said after the IPO on Thursday. “NFCXC can be a solution to make the industry more efficient and transparent, especially in terms of price.”

To monetize the voucher exchange business, Abraham said the company would continue to collaborate with other telecommunication firms after partnering with cellphone operator Telkomsel, while proposing a new deal with Indosat, also a telco provider.

Meanwhile, its second business line, OONA TV, is a media entertainment application that offers free content to customers, targeting Indonesia’s lower middle class who have access to the internet and use mobile phones for streaming.

The source of revenue from OONA TV would primarily come from revenue sharing from advertisements on its platform, said Stanley Tjiandra, NFC Indonesia investor relations manager.

“The advertisements on OONA TV will be ultra-segmented [….] we will manage big data to become deep data, so it will be more specific and segmented,” Abraham said.

With the revenue sharing concept, the company said it was open to collaboration and welcomed the possibility of acquiring other firms that were in line with its business.

Three underwriters helped the company with its IPO on Thursday, namely PT Kresna Sekuritas, PT Trimegah Sekuritas Indonesia and PT Sinarmas Sekuritas.

Octavianus Budiyanto, Kresna Sekuritas president director, said the three underwriters had written research reports that listed their expectations on NFC Indonesia’s revenue next year.

Trimegah Sekuritas expects NFC Indonesia to book Rp 2.5 trillion in revenue by next year, while Sinarmas Sekuritas forecasted Rp 2.1 trillion. Kresna Sekuritas, meanwhile, expects Rp 2.4 trillion.

NFC Indonesia’s revenue as of December 2017 was recorded at Rp 95.6 billion, while its net profit stood at Rp 64.82 million.

PT Kresna Jubileum Indonesia controls a 26.25 percent share in NFC Indonesia, followed by PT Nusantara Teknologi Perkasa and PT M Cash Integrasi with 18.75 and 15 percent respectively. PT Kresna Graha Investama owns 7.5 percent of the company, followed by PT 1 Inti Dot Com with 7.5 percent and the public with 25 percent.