JAKARTA - PT Cashlez Worldwide Indonesia Tbk (CASH) has officially debuted on the Indonesia Stock Exchange (IDX) on Monday (4/5). Despite uncertainties in the market due to the coronavirus (COVID-19) pandemic, the payment gateway provider raised Rp 87.5 billion in IPO proceeds.
In the corporate action, Cashlez released 250 million new shares, 17.5% of its placed and paid-up capital, at Rp 350 per share with PT Sinarmas Sekuritas acting as lead underwriter. The company will use 61.31% of its IPO proceeds to PT Softorb Technology Indonesia (STI), and the remaining as working capital.
“As a fully licenced fintech payment gateway provider, we hope our IPO will support our business development through cooperation with various parties,” said Cashlez President Director Tee Teddy Setiawan in an official statement received by IDNFinancials.com, Sunday (3/5).
“Through our IPO, we hope to continue our innovation, including by acquiring STI which we believe is a very strategic move that can help boost our business growth.”
Established in 2015, Cashlez currently has over 7,000 merchants, 88% of which are MSMEs. In 2019, the company posted a gross transaction value (GTV) increase of 183% year on year (yoy) to Rp 3.8 trillion. (MS)