Indonesia-based Venteny Fortuna International officially listed on the Indonesian stock exchange on Thursday. The firm, which provides growth funding and human resource services, went public under the ticker symbol VTNY.
Venteny offered around 930 million shares – representing 15% of its enlarged share pool – at a price of 360 rupiah (US$0.023) apiece. The company raised US$21 million, pegging its valuation at around US$158 million.
In initial trading, its share price soared 25% to US$0.029 but later went down to US$0.025 – still 10% higher than the offer price.
According to Indonesian e-IPO data, Venteny’s share offer was oversubscribed by 12.6x. In comparison to other tech companies, Blibli’s IPO was oversubscribed by 1.6x, Bukalapak by 8.7x, and GoTo by 15.7x.
Venteny was founded by Jun Waide in 2015 in the Philippines under the name Venteny Inc. It then expanded to Singapore (Venteny Pte Ltd) in 2016 and to Indonesia (Venteny Matahari Indonesia) in 2019. The company established a holding firm, Venteny Fortuna International, to bolster the synergy of all its subsidiaries in 2021.
Venteny said it has been profitable since 2021, noting that its net profit had jumped 800% year on year, as of June 30.
It has also expanded its offerings with an employee super-app platform for the B2B segment that combines its fintech, insurtech, edtech, and lifestyle solutions. The firm said it serves over 250,000 users in the Philippines and more than 220,000 people in Indonesia.
Currency converted from Indonesian rupiah to US dollar: US$1 = 15,624 rupiah.