Kioson, an online-to-offline ecommerce service, is on track to become the first Indonesian startup to raise money through initial public offering (IPO) at the Indonesia Stock Exchange.
It’s going to sell 150 million shares, equal to 23.1 percent of the company, at a price of just over US$0.02 per share.
Of the US$3.1 million to US$3.4 million Kioson targets to raise, it will use 76 percent to acquire another business, Narindo, the firm’s representatives said at its investor briefing preceding the IPO which is scheduled for October 3. The remaining funds will be used for operational costs.
Rural ecommerce
Kioson runs a network of small shops where you can buy things online and pay bills through agents. It’s meant for less tech-savvy people…