ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Startups

Indonesian mobile POS startup Cashlez raises $5.8 million in IPO

Company plans to purchase IT solution provider with smart card technology

A traditional market is open for business in Jakarta on May 5. Indonesian startup Cashlez went public during the Islamic fasting month of Ramadan and as coronavirus continued to spread worldwide.   © Reuters

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.

For the original story from DealStreetAsia, click here.

DealStreetAsia is a financial news site based in Singapore that focuses on corporate investment activity in Southeast Asia and India. Nikkei recently announced the acquisition of a majority stake in the company.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends July 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media