TEMPO.CO, Jakarta - PT Kioson Komersial Indonesia Tbk (Kioson) has become the country’s first e-commerce company listed on the Indonesia Stock Exchange (IDX). The company is officially listed in the IDX today under the KIOS ticker symbol.

“Through an initial public offering [IPO] on September 26-27, Kioson raised Rp45 billion,” Kioson CEO Jasin Halim said today.

Moreover, Jasin explained that the stock is trading at Rp300 a share with 150 million shares on offer or 23.07 percent of the company’s total stock.

Jasin said Kioson initial public offering was oversubscribed 10 times. The company is the 24th issuer this year and the 558th company listed on the IDX.

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Kioson will be listed under Trade Service and Investment sector and Retail Trade subsector in the IDX issuer register. Jasin claimed that the online to offline (O2O) service provider is the first company to offer such a concept. “Another difference is that Kioson is the only company that has investors engaged in the retail industry,” he said.

Earlier, Kioson was aiming to generate Rp42 billion to Rp45 billion in the IPO. Following the IPO, Kioson’s partner expansion is expected to increase by 100 percent by the end of the year.

Some 75.76 percent of the funds raised from Kioson IPO will be used for the e-commerce company—boasting 15000 partners—to acquire PT Narindo Silusi Komunikasi. The remaining 13.13 percent will be used for the company’s working capital. “The acquisition will strengthen the company’s structure and improve its portfolio that will eventually give a positive contribution to the company’s financial performance,” Jasin said in September.

ALFAN HILMI