Kioson, an Indonesia-based online-to-offline e-commerce company backed by electronics and communication technology distributor Mitra Komunikasi Nusantara (MKNT), has filed for a $3.4m initial public offering, Tech in Asia reported today.
The company aims to sell 150 million shares for approximately $0.02 each, with the IPO expected to launch on October 3. The shares represent 23.1% of the company’s total equity.
Kioson operates a network of 19,000 stores across 384 Indonesian cities where users can buy things online and pay through an agent. The shops are aimed primarily at unbanked users in rural areas.
A total of $3.1m of the proceeds has been allocated to the acquisition of Narindo, a fintech developer that partners mobile phone network operators and e-commerce companies to offer a range of payment processing services.
MKNTpurchased a 4.9% stake in Kioson in June 2017 for an undisclosed sum between $370,000 and $450,000.
Sinarmas Securities has been appointed as underwriter for the initial public offering, which will be the first one undertaken by a startup in Indonesia.
Jasin Halim, director of Kioson, said: “We chose to IPO because we want to show that startups do not have to rely on venture capital.”