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Passpod becomes first IDX startup incubator listed on bourse
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A man points to the shares of PT Yelooo Integra Datanet (Passpod) on the board of the Indonesia Stock Exchange (IDX) soon after the shares were listed on the bourse on Oct. 29. (Courtesy of/PT Yelooo Integra Datanet (Passpod))
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T Yelooo Integra Datanet (Passpod), the start-up incubator of the Indonesia Stock Exchange (IDX), listed its shares (YELO) on the bourse on Monday, making it the first IDX startup incubator to go public.
IDX start-up incubation is a program held by the IDX and the Financial Services Authority (OJK) to help start-ups get accesses to business development, legality and financing so that they can quickly list their shares on the bourse.
“As we are motivated while we are in the incubation program, the IDX incubator does not need to wait to become a big company to hold an IPO [initial public offering]. Through an IPO, the start-up can grow,” said PT Yelooo Integra Datanet CEO Hiro Whardana in a press statement on Monday.
The Passpod move got an enthusiastic response from the public, as indicated by oversubscription by 10.27 times during the IPO from Oct. 18 to 22.
Passpod appointed security firms PT Sinarmas Sekuritas, PT Jasa Utama Capital and PT Erdikha Elit Sekuritas as underwriters.
The company listed 130 million shares, or 34.21 percent of the issued capital, according to the statement, adding that the turnover of the IPO would be used to develop the company's business, application research and development, including the fixture and working capital.
Passpod has three business segments, travel services, artificial intelligence and big data, as well as global connectivity.
Up to April, 2018, the company had collected Rp 475 million (US$31,196) in profit, compared to Rp 26.5 million in the same period, last year. (bbn)
