After successful Indonesia listing, Moratelindo looks to expand within country’s telco sector

INDONESIA’S most high-profile IPO this year has been that of GoTo, formed from the merger of ride-hailing platform Gojek and e-commerce website Tokopedia. The country’s most successful IPO, however, is probably that of Indonesian telecoms player Mora Telematika Indonesia (Moratelindo).

In August, Moratelindo raised around 1 trillion rupiah (S$92.1 million) through a sale of 2.5 billion shares at 396 rupiah each. That makes Moratelindo the second-largest IPO on the Indonesia Stock Exchange this year, after GoTo’s 15.8 trillion rupiah fundraise. But whereas GoTo has lost 38.5 per cent of its value this year, Moratelindo is up 41.4 per cent.

The company’s financials may be inspiring confidence. For the six months ended Jun 30, 2022, its revenue rose 3.6 per cent to 2.15 trillion rupiah. Net profit rose 15.2 per cent to 346.1 billion rupiah.