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Kioson setup IPO to Indonesia Stock Exchange

Kioson prepares for an initial public offering (IPO). Startup technology continues to move into the stock, now PT Kioson Komersial Indonesia which operates Kioson.com became the first e-commerce company to conduct an IPO in Indonesia Stock Exchange (IDX) which is planned to issue 150 million shares.

Tinuku Kioson setup IPO to Indonesia Stock Exchange

The Kioson.com platform will make history for the first time in Indonesia. Unlike other startups that use venture capital to raise funds, Kioson opted to use an IPO scheme. Kioson CEO, Jasin Halim, said the company will issue 150 million shares or 23.07% of the total capital.

"The IPO plan is part of a strategy to bridge the 'underserved market' with digital technology Kioson is targeting Rp 42 billion to Rp 45 billion (US$3.5 million)," Halim said on Thursday.

Simultaneously, Kioson also issued 150 million Series I Warrants accompanying new shares or 30% of the total number of issued and fully paid shares to be granted free of charge as an incentive for shareholders.

Halim also said in detail about 75.76% of the IPO proceeds will be used to acquire PT Narindo Solusi Kommikasi (Narindo) and the rest will be used for working capital of the company.

"The acquisition will strengthen the structure and add to the company's portfolio, which will ultimately contribute positively to the company's financial performance," Halim said.

Kioson appoints Sinarmas Sekuritas as underwriter of the emissions and targets enrollment on October 3 at IDX. They use the April 2017 financial statements as one of the requirements to file an IPO.

Halim is optimistic that IPO is the right investment choice for investors considering the business development potential is more open following the company's strategy in line with Indonesia's future projection to become the largest digital economy in Southeast Asia.

Based on the financial statements as of April 30, 2017, Kioson's gross profit has reached Rp25.9 billion (US$2 million) in which total assets reached Rp44.77 billion (US$3.3 million), an increase of 25.29 percent compared to assets as of December 31, 2016.

The company founded by Roby Tan and Viperi Limiardi in 2015 has the tagline "All Can Be Online". Kioson gathers all parties are suppliers, retailers and customers to conduct transactions online. Until now it has 15,000 offline shop partners in 384 cities in Indonesia.

The products that Kioson offers are e-commerce covering fashion, office equipment, health and beauty tools, electronics and gadgets, while non-e-commerce is phone credit, electrical token, phone bill payment, drinking water bill, and others.

The Kioson platform was built to bridge all digital transactions that were formerly only for large companies. People who want to join just download the Kioson app on Playstore or contact the Canvaser team.

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