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Venteny to perform its debut on IDX, aiming to raise a fresh fund of US$26.9m

Syifa, news . 25 Nov 2022

Heaptalk, Jakarta — PT Venteny Fortuna International Tbk (issuer code: VTNY) has declared to perform the company’s Initial Public Offering (IPO) to be listed on Indonesia Stock Exchange (IDX). During the Due Diligence Meeting and Public Expose agenda (11/24), Venteny offers its stocks of 939,78 million shares, with a stock price range of Rp350 – Rp450.

Through the action, Venteny expects to obtain the funds as much as US$26.9 million (1 USD equals Rp15,653), or approximately 15% of the issued capital in total. This company also aims to utilize the new fund of this IPO agenda to augment the working capital of the corporate group and amplify Venteny’s brand awareness.

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In more detail, Venteny will allocate the IPO capital of 42%, or equal to US$11.3 million, to perform a loan to the subsidiary entity of PT Veneteny Matahari Indonesia. After gaining back the capital, around 30% of the fund will be managed to improve Venteny’s HR-tech app, including strengthening the technology infrastructure, product innovation, and business expansion to the outside Java.

In response to this strategic action, the Founder and Group Chief Executive Officer of Venteny, Jun Waide, conveyed, “We appreciate the society for contributing to the company in becoming a profitable enterprise for the two years of operations. This achievement has demonstrated our capability to capture market potential and demand properly. Through this IPO step, we invite the community to take part in originating a fantastic ecosystem in the future,”

In this IPO agenda, the company will also conduct an Employee Stock Allocation (ESA), with the stock amount as much as one million, or equal to 0.11% shares offered, during the initial public offering for a stock ESA program to the employee. Further, Venteny will implement a Management and Employee Stock Option Plan (MESOP) program, with a maximum of 532 million common stock, or 7.38% of the issued capital and paid up after the execution of the company’s IPO, ESA, and MESOP program.

Venteny has appointed several parties as underwriters, spanning the BRI Danareksa Sekuritas, Surya Fajar Sekuritas, and Mirae Asset Sekuritas. As a result, a book-building period has been held on November 21st – 29th, 2022. An effective statement of the Financial Service Authority (OJK) is expected to be issued on December 2nd, 2022. Meanwhile, the public offering is scheduled for December 6th – 12th, 2022, and listing on IDX will be performed on December 14th, 2022.

The business growth of Venteny Company

Since its inception, Venteny has continued to cooperate strategically with diverse stakeholders to grant growth funding services for the business-to-business (B2B) segment and human resources empowerment through the employee super-app platform for the business-to-business-to-employee (B2B2E). Through this service, the company has disbursed over US$127 million in capital devoted to the business owners impacted by the pandemic crisis.

The company’s financial report noted that Venteny’s net profit had attained US$241,452, evolving 853.7% YoY from the equivalent period. As for total revenue, the company has recorded a profit of US$1.8 million in the same period in 2021, growing 70.5% from a similar period in 2021, worth US$1.1 million. Following the company asset in total, Venteny has obtained the company’s assets of US$20.7 million, elevating 48.5% from the former’s worth US$13.9 million.

In November 2021, Venteny launched an employee super-app to respond to many employees necessitates and bolster business owners applying financing efficiency to fulfill the employees’ requirements. The company has achieved transaction growth of up to 700% through this service establishment from 2021 to 2022. Until November of this year, this segment has contributed to the company’s income by 27%, enhanced from 17% in June 2022.

“This accomplishment would be our strength as a prospective technology company with a solid position in this industry to deliver added value for society. With the IPO strategy in the market, we expect to warrant the investors to disclose the prospects in the future,” said Jun.