Indonesia’s wifi modem rental entity PT Yeloo Integra Datanet Tbk (Passpod) today witnessed a 10.27 times oversubscription rate as it lists on the Indonesia Stock Exchange under the ticker symbol “Yelo”. As the country’s fourth public tech startup, it is also the Indonesia Stock Exchange (IDX) incubator program’s first IPO success story.
A total of 130 million shares were issued and the company will be using the proceeds for its financial needs ranging from business development, research & development, the addition of new features to working capital. The plan will be to stay laser-focused on three business areas namely travel services, AI & big data, and also global connectivity so as to build a variety of relevant solutions to meet travel trends.
KrASIA earlier reported of this one-year-old company’s ambitious initial public offering has been well received by the public.
Unlike other tech giants who only head to the public markets after attaining certain valuation milestones, Passpod’s CEO Hiro Whardana sees an early initial public offering as another viable financing option to allow startups to scale and grow. With the number of Indonesian outbound travellers predicted to grow up to 10.6 million people in 3 years time, the firm is doing the preparatory work now, leveraging on big data in order to offer the maximum range of services from itinerary builders, e-commerce, travel insurance to on-the-spot ticker sales for tourist destinations, just to name a few.
Another significant point is that Passpod is already profitable. In fact, it saw its posted net profit jumped by close to 18% from IDR 26.5 million (around US$1,741) to IDR 475 million (around US$31,208) as of April 2018.
The other Indonesia-based startups that have went listed include the likes of Kioson – an e-commerce startup, M Cash and NFC which raised $3.4 million, $22 million, and $21 million respectively.
Editor: Ben Jiang
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