JAKARTA -- Indonesia-based mobile point-of-sale (mPOS) startup Cashlez Worldwide Indonesia has raised $5.8 million in an IPO.
Cashlez, which provides a mobile point-of-sale system, raised 87.5 billion rupiah ($5.8 million) in its IPO, lower than an initial target of 100 billion rupiah.
The firm sold 250 million shares, equivalent to 17.5 percent of its enlarged capital, at 350 rupiah apiece. It had appointed Sinarmas Sekuritas as its underwriter.
Cashlez shares began trading on the IDX on May 4.
The startup will use the proceeds to purchase a 61.31 percent stake in IT solution provider Softorb Technology Indonesia, which focuses on smart card and RFID technologies.
In 2019, the startup raised an undisclosed amount in a Series A funding round led by Japanese diversified conglomerate Sumitomo Corporation. State-owned CVC Mandiri Capital also participated in the round.
Founded in 2015, the startup claims to have 7,000 merchants as its customers.
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