Official IPO on IDX, WIR Group Expands Metaverse Development

WIR Group, a business group based on Augmented Reality (AR), Virtual Reality (VR). and Artificial Intelligence (AI), officially listed shares on the Indonesia Stock Exchange (IDX) with the stock code "WIRG".

Through the Initial Public Offering (IPO), the company released 2,33 billion new shares or 20% of the issued and fully paid capital after the IPO as well as an additional 233,7 million shares due to oversubscription in the centralized allotment. The initial share price was set at IDR 168 per share, bringing the total funds raised to IDR 431,9 billion.

To DailySocial.id, President Director of PT WIR Asia Tbk. Michel Budi Wirjatmo revealed that the company's forerunner had been initiated since 2009. Initially, the business activities included digital reality technology development services, including Augmented Reality (AR), Virtual reality (VR), and Artificial Intelligence (AI) through the AR&Co technology unit. .

The Company and its Subsidiaries (hereinafter referred to as “WIR Group”) subsequently completed various projects in the fields of education, publishing, and game. In 2015 they expanded their business activities to provide media/advertising services, through the DAV technology unit and retail trade through the existing Mind Stores.

IPO funds are used to strengthen capital

In detail, around 80,59% of the funds from the IPO will be used by subsidiaries, namely PT ARE Teknologi Kreasi (ATK), PT Tiga Akar Dream (TAM), and PT Vatar Media Raya (VMR) for capital expenditures (7,40% ) and working capital (6,72%). While the rest will be used for business development and/or expansion through strategic partnerships.

The company also holds Employee Share Allocation Program (Employee Stock Allocation), with a total of 1,02% of the shares offered in the Public Offering or 23.771.900 shares.

"All funds from the IPO and proceeds from the exercise of warrants will be used for capital expenditures, working capital, and business development of the Company and/or subsidiary companies, particularly in developing technology based on AR, VR, and AI," said Michael.

This year there are still a number of targets to be achieved by the company, including continuing to make various innovations and creativity in technology development. "We are optimistic about good business prospects considering the competitive advantages it has, including its position as one of the leading AR technology developers in Indonesia and Southeast Asia," he added.

"In addition to innovation, this year we will also focus more on the development of the Metaverse Indonesia platform which is currently being prepared and will be displayed during the G20 presidency," said Michael.

Expand collaboration develop metaverse

The impact of the pandemic that has lasted since 2020 has encouraged people to adapt in using technology media to carry out activities. Indirectly, WIR Group sees many opportunities that are open from various sectors to start thinking about the use of various technologies as alternative solutions.

This forms the basis for the company to develop technology and solutions through IseeAR products by AR&Co, AR animations that presenters can use directly through the platform video conference become a way out to communicate things more interactively and effectively to attract public response.

VR/AR technology is actually a new thing, but many industry players have used it for positive contributions, for example to accelerate the product development process by assisting the design, testing, and evaluation processes.

"For example, one of the industries that has been helped is the automotive industry which uses Virtual Reality to streamline the design process and modeling from weekly to daily. With this positive contribution, the use of VR/AR can also reduce operational costs significantly," said Michael.

The growth of AR/VR technology is currently experiencing rapid growth along with internet penetration in Indonesia is also increasing. Thus, Indonesia has a large market potential for the development of digital reality technology, many applications of AR/VR technology, especially through mobile applications, have covered various sectors, including marketing and advertising, trade, and marketing. Gaming.

Likewise, the support of the Indonesian government in the development of the Metaverse Indonesia platform will make a significant contribution to the development of AR/VR technology in Indonesia.

Last March 2022, Mandiri Bank signed a memorandum of understanding with WIR Group to develop banking services based on virtual technology in the metaverse world. Apart from Bank Mandiri, strategic cooperation has also been carried out with the business incubator company PT Lumina Kaya Indonesia (Kaya.id), developing Indonesian MSMEs in the metaverse world and developing the Triniti Land business on the metaverse platform developed by the WIR Group.

Earlier this month Universitas Multimedia Nusantara (UMN) also announced their collaboration with WIR Group, developing a metaverse technology platform and building human resources in the field of superior and competitive technology.

"With the expertise and experience of the WIR Group in providing solutions for clients at home and abroad, we are optimistic that we can continue to provide added value for shareholders and contribute to the development of the digital economy in Indonesia," said Michael.

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