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Jakarta Post

Travel tech startup Passpod to raise funds from IPO

  • The Jakarta Post

Jakarta   /   Thu, October 4 2018   /  03:06 am

Homegrown travel tech startup PT Yelooo Integra Datanet, better known as Passpod, is gearing up to raise Rp 40 billion (US$2.65 million) through its initial public offering (IPO) scheduled for Oct. 29 at the Indonesia Stock Exchange (IDX).The company is set to publicly offer 130 million shares at a price between Rp 250 and Rp 375 each, as well as 78 million six-month-expiration warrants that will be given pro bono at a rate of three warrants for every five shares purchased.Passpod is now 69.5 percent owned by IT company PT Agung Inova Teknologi Indonesia and 30.5 percent owned by PT Prima Jaringan Distribusi.The company, established in 2016, operates as a provider of portable modems called Passpods WiFi in over 70 countries. The products are used to overcome the lack of cost-effective connectivity available for Indonesians, particularly those traveling abroad and relying on the internet,...