JAKARTA -- WIR Group, which leads a slew of media and technology companies in Southeast Asia, is looking to raise $40 million to $50 million through an initial public offering, its co-founder and group executive chairman Daniel Surya told DealStreetAsia in an exclusive interview.
The Jakarta-headquartered company plans to make a debut on the Indonesian Stock Exchange (IDX) in 2020 and "start preparations soon," added Surya.
This listing will make WIR Group one of the early technology conglomerates to set foot on the IDX. Other technology companies in the country that are listed include digital distribution company M Cash, and Wi-Fi modem rental company Passpod, among others.
"Unlike some technology companies which are too dependent on investor funding, WIR has always been bootstrapped at early stages," said Surya.
Without divulging further details, Surya said the proceeds from the IPO will be used by the company to expand its operations.
WIR, which is engaged in digital reality (augmented reality, virtual reality, artificial intelligence), claims to be profitable with revenues doubling to over 240 billion rupiah ($17 million) in 2019 from 2018. It is understood to have completed over 1,000 projects across the world.
Under the umbrella of WIR Group, there are a slew of companies. First is AR developer AR&Co, which is considered one of the first adopters of the technology in the region. Then there are DAV, which offers intelligent media placement solutions in high-traffic places such as retail chains, and Mindstores, which helps consumers own virtual stores.
Besides, WIR Group also owns free-to-play, location-based mobile gaming application Minar, which is based on AR technology.
Established in 2001, the company is present in over 20 countries such as the U.S., Germany, Spain and Nigeria, along with Singapore, Malaysia, Thailand and the Philippines, among others in Southeast Asia.
In Indonesia, WIR Group has tie-ups with Alfamart, Kimia Farma, and Electronic City, among others. WIR currently owns five patents on AR applicants that cover over 150 countries.
The top management of the company that includes Surya, Michael Budi (co-founder and CEO), Jeffrey Budiman (COO), Philip Cahyono (CFO) together hold an 80% stake in the company.
The Indonesian capital market gathered momentum in the second half of this year as a host of companies across sectors launched their IPOs. These include prominent names such as seaweed products manufacturer PT Asia Sejahtera Mina Tbk, IT company PT Jasnita Telekomindo Tbk, property developer PT Nusantara Properti International Tbk, among others.