Cashlez Is Ready To Take The Floor On The IDX, Aiming For IPO Proceeds Of IDR107.4 Billion

Cahslez press conference in Jakarta, Monday 16 March. (Photo: By courtesy)

JAKARTA - A financial technology (fintech) company, PT Cashlez Worldwide Indonesia Tbk, plans to conduct an initial public offering (IPO) of up to 300 million shares with an initial offering price of around IDR 298-IDR 358 per share. So that the company can reap a maximum of Rp107.4 billion in public funds.

Director of PT Sinarmas Sekuritas, Kerry Rusli as the underwriter of Cashlez's IPO, said that the 300 million ordinary shares on behalf of the company were equivalent to 20.298 percent of Cashlez's issued and fully paid capital.

"The share price with a nominal value of Rp12 is offered at around Rp298-Rp358 per share," Kerry said in Jakarta, Monday, March 16.

Thus, in this corporate action Cashlez was able to obtain funds from the capital market of around Rp. 89.4 billion-Rp. 107.4 billion. Apart from offering shares, Cashlez also issues warrants with a 1: 1 ratio at the same time.

President Director of Cashlez, Tee Teddy Setiawan, said that 48.57 percent of the proceeds from the IPO will be used to acquire 51 percent of shares in PT Softorb Technology Indonesia (STI). Meanwhile, the remaining 51.43 percent will be used as the company's working capital.

"We are a fintech payment gateway company that has officially obtained permission from Bank Indonesia (BI). We believe that this initial public offering of shares will support the company's business development," said Teddy.

Cashlez management hopes that an effective statement from the Financial Services Authority (OJK) can be obtained on April 7, 2020, so that the public offering of shares of companies graduating from IDX Incubator can be carried out on April 8, 2020. Thus, Cashlez shares can be listed on the IDX Acceleration Board on 20 April 2020.