Telefast raised close to Rp 75 billion (US$5.33 million) in fresh funds from the sale of about 25 percent of its shares during its initial public offering (IPO), which was oversubscribed by 7.4 times during its offering period earlier this month.

President director Jody Hadrian said company would use 70 percent of the IPO proceeds as capital expenditure. About 25 percent of the proceeds will be used to develop its IT infrastructure and app system, while the remaining 5 percent will be utilized for the firm’s human resources development, he told reporters after the official listing of the company.

Telefast provides a digital HR information system through the HRKU mobile app, which manages employees’ payrolls and annual leave, and the Bilik Kerja app, a digital talent pool that acts as a matchmaker between jobseekers and prospective employees.

Jody said that besides providing digital HR solutions, the company also provided talents to businesses in the conventional way through its outsourcing subsidiary, PT Emitama Wahana Mandiri.

With its IPO, the company became the first digital HR management company to go public in Indonesia, but it was not the first local start-up to make its shares available to the public in IDX’s history.

The first local start-up to make a debut on the bourse was payment gateway provider PT Kioson Komersial Indonesia in October 2017.

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