Jakarta. M Cash Integrasi, a digital kiosk startup backed by local investment firm Kresna Graha Investama, plans to go public towards the end of this year to raise capital for expansion.
M Cash will be the second startup listing on the Indonesian Stock Exchange (IDX) this year after peer Kioson Komersial Indonesia, creating an opportunity for investors to invest in the companies early.
M Cash, which facilitates a wide range of transactions, from telephone and power voucher purchases to concert tickets and bill payments, plans to raise Rp 300 billion ($22.7 million) from the sale of 25 percent of its enlarged capital in November.
"So far, we are open to strategic partners who want to enter, and many strategic partners and funds have expressed interest in M Cash," Kresna Investama director Suryandy Jahja said on Monday (11/09).
Jahja said strategic investors may get as much as 10 percent of the enlarged share and the company expects to attract an equal proportion of foreign and domestic investors.
Samsul Hidayat, director of corporate assessment at the IDX, said M Cash has already completed the paperwork for its initial public offering.
"After this, they just need to review and submit the IPO documents to the Financial Services Authority [OJK]," Samsul said.