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NFC Indonesia, one of Kresna Group debuts at US$0.19, raises US$21M

Digital exchange platform NFC Indonesia today began listing on the Indonesia Stock Exchange (IDX) with opening price of IDR2,770 (US$0.19), a 49.73 per cent (920 points) increase of previous price of IDR1,850 (US$0.12).

The company raised IDR308 billion (US$21 million) in an oversubscribed round for its IPO; its shares had been transacted for 15 times and earned IDR866 million (US$60,000) today.

Using the code NFCX, the startup becomes the third Indonesian startup to list on the stock exchange, following the footsteps of Kioson and M Cash in late 2017. NFC Indonesia itself is a subsidiary of the latter.

During its public expose, the company stated that it will release up to 166,667,500 new shares or the equivalent of 25 per cent of its paid up capital.

NFC Indonesia plans to use 60 per cent of the funding for working capital, 30 per cent for digital investments (including IT development), and the remaining 10 per cent for human capital investment.

 

Full news at https://e27.co/nfc-indonesia-debuts-on-idx-20180712/

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