Kioson became the first Indonesian startup to conduct IPO has officially become the first e-commerce startup to conduct an IPO on Indonesia Stock Exchange (IDX). On Thursday IDX inaugurated the initial listing of the shares of Kioson Komersial Indonesia Tbk (IDX: KIOS) and the price moved up 50 percent to Rp450 per share compared to the initial price of Rp300 per share.

Tinuku Kioson became the first Indonesian startup to conduct IPO

"Kioson proves that companies listed on IDX are not just big companies. The exchange also supports and provides facilities for startup companies," said IDX President Director Tito Sulistio.

Kioson is a technology startup service provider online-to-offline (O2O). Sulistio said Kioson became the 24th share issuer in 2017 or the 558th issuer listed on the Jakarta's stock exchange. Kioson shares are listed on the exchange with the KIOS trading code on the Development Board.

"The IPO corporate action has long been one of the tools for the company to raise funds. Kioson can be more professional, transparent and accountable and also one of the stocks that continues to be an option for investors," Sulistio said.

Startup launched 150 million shares or approximately 23.07 percent of total capital after the implementation of the IPO. KIOS stock price offered at Rp300 per share, so the company reached an IPO fund of Rp45 billion. Kioson CEO Jasin Halim said the company will remain open to venture capital that wants to invest KIOS.

"We do not close the door if the venture capital wants into company," said Halim.

Kioson CEO Jasin Halim said the IPO moment is important for the company to strengthen its commitment to bridge the underserved market and the digital world. The proceeds from the IPO will be used for 78.95 percent to acquire Narindo Solusi Komunikasi in order to strengthen the company's infrastructure.