IPO, M Cash Targets Fresh Fund Rp 314 Billion

INDUSTRY.co.id - Jakarta - PT M Cash Integration Tbk will conduct its initial public offering on the Indonesia Stock Exchange on October 31, 2017. In this initial public offering, the company offers up to 216.9 million new shares or equivalent to 25 percent of paid up capital, with IPO prices ranging between Rp 1,300 / share up to Rp 1,450 / share.

The Company has also appointed PT Kresna Sekuritas and PT Trimegah Sekuritas Indonesia Tbk as the underwriters of the IPO's main securities issuers.

"We are targeting fresh funds from the IPO of about Rp 282 billion to Rp 314 billion," said MCI President Martin Suharlie in publilknya exposure in Jakarta, Friday (6/10/2017).

He explained that the IPO fund will be used for expansion and working capital. MCI will expand digital kiosks in traditional markets with 80 percent composition and the rest are modern channels. "This year 1,000 stalls and 10,000 kiosks by 2020," he concluded

It believes that the price offered will attract investors. This is evident from the road show conducted by MCI in Hong Kong, Singapore and Jakarta and to date the demand has reached 7.2 times that offered.

Meanwhile, Michael Steven, MCI's President Commissioner stated that MCI is able to present a simple technology but can provide a great social impact because it can meet the needs of unbanked population which reaches 80 percent of the total population of Indonesia.

"This IPO is the first step of the company to realize its vision as digital distribution champion in Indonesia," he said

For information, MCI developed a first digital kiosk in Indonesia, capable of issuing various types of physical cards, including mobile SIM and e-money with registration automatically, without the need to use banking accounts.