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P2P lending firm Akseleran aims to raise Rp 359b through IPO
Akseleran plans to use some of its IPO proceeds to acquire local multifinance firm PT Pratama Interdana Finance.
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T Akselerasi Usaha Indonesia, the parent company of peer-to-peer (P2P) lending platform Akseleran, has embarked on a process to get listed on Indonesia Stock Exchange (IDX) on Aug. 9.
Set to sell almost 3 billion shares, 29 percent of the total, at a price between Rp 100 and Rp 120, the firm is hoping to raise almost Rp 359 billion (US$23.87 million) through the initial public offering (IPO).
Akseleran was established in 2017 by Ivan Tambunan, Mikhail Tambunan, Christopher Gultom and Rassel Pratomo. It operates as a digital platform that connects borrowers and lenders. The Financial Services Authority (OJK) granted it an operating license in 2019.
By the end of last year, the P2P lending firm had disbursed almost Rp 6.6 trillion in loans, around 98.9 percent of which were productive loans for small and medium enterprises (SMEs) in the shape of invoice financing and online merchant loans. The other 1.1 percent were disbursed as employee loans.
Only 0.41 percent of the financing has been categorized as nonperforming loans (NPL), which is far below the OJK's 5 percent cap.
Read also: With the banks' growing role, is P2P still peer-to-peer?
Akseleran counts more than 206,000 individuals as well as major banks like BCA, BRI, Bank Mandiri and OCBC NISP among its lenders.
Last year, the firm booked Rp 71.5 billion in revenue, an 80 percent increase over the previous year.
It still posted a Rp 22.5 billion loss for 2022, but that number marks a 26 percent reduction compared with 2021. In the first month of this year, the firm logged a Rp 4.4 billion loss.
Akseleran, which will be listed on IDX under the ticker symbol AKSL, has so far received most of its capital from venture capital (VC) funding. It counts Beenext, AC Ventures, Access Ventures and BCA-backed Central Capital Ventura as its investors.
On Jan. 31, it had around Rp 25.1 billion in cash and cash equivalent.
Read also: Multifinance firms continue to grow as OJK warns of risks
The P2P lending firm plans to use Rp 36.5 billion from its IPO proceeds to acquire multifinance firm PT Pratama Interdana Finance (PIF) from its existing shareholders. Another Rp 200 billion would be used to inject additional capital into the multifinance firm, which has been in business since 1992.
Meanwhile, the rest of the fresh funding would be used as Akseleran's working capital.
In the prospectus, Akseleran states that the acquisition of PIF will help the firm expand its financing business. A multifinance license would allow the company to cater to a wider credit segment and issue bigger loans (ticket size) per disbursement.
“The PIF acquisition could also increase the group's profitability, as the multifinance firm could disburse loans from its own equity or third-party fund at a competitive interest rate," the company said in a statement.
