Immediate IPO Acceleration, Aims for Funds of Up to IDR 358 Billion

Today (28/6) Acceleration, through its parent company PT Akselerasi Usaha Indonesia Tbk, announced that it will soon go public (IPO) on the Indonesia Stock Exchange. The company targets to reap fresh funds of up to IDR 358 billion.

In newsletter accepted consumers DailySocial.id, the company delivered public expose will be held next week, 3 July 2023. At the same time the allotment period (bookbuilding) is also open until 18 July 2023. If nothing gets in the way, listing on the IDX board will be carried out on August 9 2023.

"Decision for go public is a significant step for the Acceleration Group as it demonstrates confidence in the vision, service and growth potential of the Acceleration Group. We believe that this move will open up new opportunities and strengthen our commitment to providing an even better user experience," the company said.

Quoting presentation materials published, the company will release 2,98 million shares or the equivalent of 29% paid-up shares after the IPO. The price per share is set from IDR 100-IDR 120, with a warrant ratio of 10:1.

Later the fresh funds from the corporate action will be used for two things: as much as IDR 36,5 billion used to acquire the financing company PT Pratama Interdana Finance to control 99,99% share ownership, and deposit additional capital of IDR 200 billion for ammunition, the rest for the company's working capital in order to support the main business and further business development.

There are two underwriter appointed in this IPO, namely BCA Sekuritas and BRI Danareksa Sekuritas.

Accelerated Performance

Fintech startups It has been operating since 2017 providing access to credit for SMEs. Based on its 2022 financial reports, the total loan funds that have been disbursed are IDR 6,5 trillion (cumulative), when viewed on an annual basis the figure is IDR 2,93 trillion with a monthly distribution range of IDR 336 billion.

From the company's report, 90% of its disbursement portfolio is for invoice financing, PO financing, and inventory financing, with a six-month tenor and loans ranging from IDR 75 million to IDR 2 billion. As for the proportion of lenders, 206 thousand were retail investors, and eight were from institutions. The ratio of bad loans (NPL) was successfully maintained at a ratio of 0,41%.

The borrower portfolio is dominated by the oil and gas sector (17%), followed by construction (12,7%), construction supplies (7,2%), and building materials (7,2%). The biggest locations are in Jakarta (47%), West Java (17%), and East Java (15%).

Looking further at the company's financial statements, Akseleran recorded revenue of Rp. 71,4 billion with an 80% yoy growth and operating expenses were still inflated by Rp. 94 billion, an increase of 34%. The company's EBITDA was still negative at IDR 18,9 billion, showing a positive trend of 33% compared to the previous year. As a result of all these reports, Akseleran posted a net loss of IDR 22,4 billion.

The company projects that it will soon be able to make a profit in the fourth quarter of 2023, after carrying out various big strategies, one of which is acquiring a multi-finance company. It is believed that it will be a game changer for the company because it will allow greater distribution of between IDR 10 billion-IDR 15 billion for SMEs with a business turnover of IDR 50 billion a year.

"Multi-finance companies will also make the Acceleration Group more efficient; because the cost, process and time for assessing a loan of IDR 10-15 billion are no different from that of assessing a loan of IDR 2 billion. So with the same cost structure, revenue can grow substantially ," concluded the company.