Cashlez gains on debut after Indonesia IPO

It is the second company this year to use the Indonesia Stock Exchange's (IDX) acceleration board as a launchpad for a main board listing. The first was Pigijo, an online marketplace for travel services, which raised IDR12 billion in January. Start-ups must demonstrate a path to profitability within two years to make the jump.

Cashlez sold 250 million shares to the public at IDR350 apiece. The stock began trading on May 4, closing at IDR384. It ended the following day at IDR422. Other institutional shareholders in the company include Japan’s Sumitomo Corporation and a number of local investment firms, according to the company’s prospectus. Mandiri Venture Capital is the corporate venture arm of state-owned Mandiri Bank, Indonesia’s largest lender.

Cashlez plans to use the proceeds to acquire a majority stake in Softorb Technology, a publicly listed IT company that offers cashless payment services to highway and parking lot toll operators.

Founded in 2015, Cashlez sells mobile point-of-sale and digital payment gateway solutions to small and medium enterprises. Its products can accept payments made by mobile wallets as well as credit and debit cards. It claims to have processed more than three million transactions as of year-end 2019 and counts more than 7,000 merchants as customers.

The company had IDR42.2 billion in total current assets as of October 2019 and liabilities of IDR20.3 billion. Revenue came to IDR8.8 billion in 2018, up from IDR2.3 billion a year earlier. Its net loss narrowed from IDR7.9 billion to IDR4.6 billion. For the 10 months ended October 2019, revenue was IDR11.7 billion and the net loss was IDR8.8 billion.

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• Topics
• Southeast Asia
• IPO
• Technology
• Indonesia
• Fintech
• Mandiri Venture Capital