Kioson began trading on IDX today as the first Indonesian startup to exit through an IPO on the stock exchange

On its first day as an Indonesian Stock Exchange (IDX)-listed company, Indonesian e-commerce startup Kioson closed trading at IDR450 (US$0.03) per shares.

The shares opened at IDR450 (US$0.03) on the first session of trading this morning in Jakarta, a 50 per cent (+150) increase from its base of IDR300 (US$0.02), with the highest and lowest points also being at IDR450 (US$0.03).

In terms of volume, 23,400 shares were traded today with a value of 10.5 million.

Out of the 23 companies in the retail category, Kioson made it to the 20th position. It ranked 445th out of the 574 companies listed on the stock exchange.

Discuss this: What took so long for a startup to IPO in Indonesia?

During initial offering period of September 26-28, Kioson raised IDR45 billion (US$3.3 million) and oversubscribed for ten times.

In his speech at the opening of today’s trade session, Kioson CEO Jasin Halim dubbed an IPO as the most “fair and transparent” method to value a company, adding that the startup had also attempted to raise funding from venture capital firms.

Prior to the IPO, in June, Kioson has raised a US$450,000 funding from Mitra Komunikasi Nusantara.

The startup plans to use the fresh funding to acquire PT Narindo Solusi Komunikasi, apart from using it as working capital.

In addition to Kioson, e-commerce startup M Cash is set to become the second Indonesian startup to list on IDX.

Scheduled to begin listing in November, the company has delayed a public expose event that was supposed to be held today to announce the details of its IPO.

M Cash investor Kresna Graha Investama cited “regulatory matters” as the reason behind the delay.

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