Kioson is set to become the first Indonesian tech startup to list at the Indonesian Stock Exchange (IDX)

A model of a typical “warung” at a restaurant in Ubud, Indonesia

Indonesian O2O e-commerce startup Kioson is set to announce its IPO at the Indonesian Stock Exchange (IDX) on Thursday, e27 learned.

Kioson will become the first Indonesian startup to get listed at the IDX, following KinerjaPay’s IPO at the US OTC Market in April 2016.

According to DailySocial, Kioson plans to sell 150 million shares or the equivalent of 23.08 per cent.

Citing anonymous sources, the report said that the company plans to acquire affiliated tech companies with the fresh funding.

It plans to start trading at IDX in October.

Founded in 2015 by Roby Tan and Viperi Limiardi, the startup enables under-served communities to do online transactions by using the help of individual agents. It is often compared to Kudo, which had been acquired by ride-hailing giant Grab earlier this year.

It has recently raised a US$450,000 from Mitra Komunikasi Nusantara.

More on this story as it develops.

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