Portable wifi rental service startup Passpod officially listed in IDX, raises US$32M | Digital Asia
Passpod is the first startup under IDX Incubator program that went on to become listed in Indonesia Stock Exchange (IDX)
Passpod, Indonesia-based portable 4G modem rental and travel assistance service for local tourists going abroad, announced that it has raised almost IDR501 billion (US$32 million), more than double of its IDR48 billion (US$3 million) target, from the IPO. It has officially been listed under the name “YELO” in Indonesian Stock Exchange (IDX).
The company claimed that the public response it has gathered so far is positive, with oversubscription of more than 10.27 times based on the report of public offer from October 18-22, 2018.
The new shares released by Passpod is 130,000,000 shares in total, equivalent to 34.21 per cent from the initial capital, with IDR 375 (US$0.025) price offered per share. During the opening, the share’s price reached IDR 560 (US$0.037) or equal to 48.94 per cent, and got auto reject, as KataData reported.
PT Sinarmas Sekuritas has been appointed as lead underwriter and PT Jasa Utama Capital as well as PT Erdikha Elit Sekuritas as managing underwriter.
IPO fund that’s raised will be used by the company to expand their business, back their app’s research and development to add new features, and for business capital.
“We believe there are many ways to get funding, and IPO is one of them, contrary to popular belief that you must wait until your company is big enough before pursuing IPO. It is one of the ways to expand to other countries relying on our company’s newfound reliability and transparency after going public,” said Hiro Whardana, CEO of Passpod.
PT Yelooo Integra Datanet Tbk. (Passpod, Digital Tourist Pass) divides its service into three segments: travel service, AI and big data, and global connectivity for its modem rental business. Until April this year, the company claimed that it has been making IDR475 million (US$31,000) net profit.
Passpod was one of the startups under the incubator program by IDX and Indonesia’s Financial Service Authority or OJK, IDX Incubator.
Using big data, Passpod provides traveling recommendation based on the analyzed data of their customers, from traveling preparation to tourist attraction tickets, real time itinerary builder, e-commerce, travel insurance, and many other things.
Passpod makes the 46th listed company in IDX this year.
“Passpod is now accessible in 70 countries but mainly still targets outbound travellers. But we are looking to target inbound travellers, those who want to visit Indonesia to support the country’s tourism,” said Wewy Suwanto, Operation and Financial Director of Passpod.
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Passpod plans to expand its operation to Malaysia, Singapore, Vietnam, Myanmar, and South Korea to attract inbound travelers to Indonesia.
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