Growth equity firm Venteny Fortuna plans to raise $27 million through its IDX IPO

Jun Waide, Founder and Group Chief Executive Officer of Venteny

Venteny Fortuna International, a Jakarta-based company that provides growth financing and staffing services for MSMEs, announced Thursday that its application to list on Indonesia’s IDX Stock Exchange has been approved.

Venteny has received a preliminary letter from the Financial Services Authority (OJK) and has opened a bookbuilding (IPO) for potential investors on November 21-29, 2022.

This makes Venteny the first Japanese founder-led startup to be listed in Southeast Asia.

The Company aims to raise up to IDR 422,900,595,000 (US$27 million) or the equivalent of 15 percent of the total issued capital.

It plans to use the funds (net of issuance costs) to increase the group’s working capital and support its business development and growth. It expects to improve its capital, human resources and technology.

Venteny’s price per share is around IDR 350-450 (US$0.022-0.029).

Venteny was founded in 2015 by Jun Waide, a Japanese businessman and professional. Originally founded in the Philippines, Venteny expanded to Singapore in 2016 and eventually started operations in Indonesia.

As the business continued to grow, management established a holding company, Venteny Fortuna International, in 2021 to strengthen the synergies of all subsidiaries.

Venteny Fortuna provides growth financing and staffing services for MSMEs and large corporations. Through its financing partners in Indonesia, Venteny disburses funds to MSMEs with competitive interest, supported by an integrated credit assessment process to minimize the risk of bad credit and a fast application process.

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It also offers employee benefits such as benefits, protection, self-development and entertainment through its employee super app services.

Since its inception in Indonesia through the third quarter of 2022, the company says it has disbursed more than IDR 2 trillion (US$128 million) in funds to companies.

The group has been profitable since 2021. Based on the audited financial statements as of June 30, 2022, the Group’s net income grew by 800 percent year-on-year.

It secured a seed round in February 2017, followed by a Series A funding round from the SV-FINTECH Fund, managed by Voyage Group and SV Frontier in December 2017.

“We are grateful for the customer’s trust in Venteny being profitable within two years of operation. This proves that Venteny has handled the market potential and demand well. By going public, we invite everyone to participate in shaping the future of the robust industry ecosystem,” said Waide, Founder and Group Chief Executive Officer of Venteny.

With four offices in Indonesia, Venteny plans to increase the number to 15 next year and start operations in the Philippines and expand into Thailand and Vietnam.

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Post-growth capital firm Venteny Fortuna to raise $27 million through IDX listing, appeared first on e27.