MCash became Indonesia's second startup conduct IPO in IDX

M Cash Integrasi (MCI) on Wednesday officially became Indonesia's second startup after Kioson listed shares on Indonesia Stock Exchange (IDX). The company raised Rp300 billion (US$22 million) in oversubscribed by 10.70 times. The company owns the code MCAS sells 216, 98 million new shares or equivalent 25 percent of the total paid up capital in an initial public offering (IPO).

Tinuku MCash became Indonesia's second startup conduct IPO in IDX debuted at IDX with initial price per share during the IPO is Rp1,385 (US$0.10) to go up by 49.46 percent or 685 points to Rp2,070 (U$0.15). The Company appoints Kresna Sekuritas and Trimegah Sekuritas as underwriters.

"Digital business is our locomotive supporting the digital economy of Indonesia," said MCash commissioner Michael Steven.

About 60 percent of the IPO will be used for working capital next year, 30 percent will be used for the purchase of machines, software and information technology infrastructure, while the remaining 10 percent will be used for employee stock allocation (ESA).

MCash is a startup developing a digital kiosk that sells various types of physical cards, including mobile SIM and e-money with registration automatically. The service has various features such as top up telephone pulse, regular bill payment, e-commerce transactions and various other digital products.

"We currently have 1,000 kiosks, we target to have 4,000 kiosks by 2018 and 10,000 kiosks by 2020. Through this IPO, we will expand the reach of digital kiosks to every segment of society," said MCash Executive Director Martin Suharlie.

The company recorded history as the second Indonesian startup on IDX list where has conducted an IPO on October 5th. Kioson stock price closed at the level of Rp2.850 (US$0.20) on Tuesday.