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RedDoorz sees IPO as option to meet future funding needs
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A property managed by Singapore-based budget accommodation platform RedDoorz in Jakarta. (kontan.co.id/File)
H
otel booking and management platform RedDoorz may turn to the capital market as another alternative to raise funds to finance the company’s business expansion in the future.
RedDoorz Indonesia country head Mohit Gandas said on Tuesday that the Singapore-based tech-travel startup was focusing on growing its business so that it would be ready to launch its initial public offering (IPO) between 2022 and 2023.
However, he did not say where the company planned to list the shares or how many shares the company would sell to the public. “We can’t share more details right now on the IPO because we’re still focusing on expanding and growing our business in Indonesia and other countries in Southeast Asia,” Gandas said during a press briefing in Jakarta.
Following its Series C funding this year, through which it raked in US$70 million, he said, the company planned to increase the number of properties it managed to 1,500 from 1,200 by the end of this year.
It also plans to triple its number of properties to 4,500 to 5,000 across Southeast Asia next year, of which around 70 to 80 percent will be in Indonesia, said country marketing director Sandy Maulana.
The expansion in Indonesia is important for the company, as Gandas said the country contributed about 75 percent to the company’s business.
RedDoorz, he went on to say, was also planning to use the money from its latest round of funding to expand its business into Thailand as its newest market in early 2020. However, the number of properties in Thailand will not reach the numbers in Indonesia, the Philippines, Vietnam and Singapore.
