Photo: The exterior of the Indonesia Stock Exchange building in Jakarta, Indonesia, on November 5, 2017. Asia Travel/Shutterstock

Islamic Finance

Indonesia Stock Exchange’s first listing for 2020 is Shariah-compliant digital travel marketplace start-up Pigijo

The first company this year to be listed on the Indonesia Stock Exchange (IDX) is Shariah-compliant stock PT Tourindo Guide Indonesia, or Pigijo.

The company raised 12 billion rupiah ($861,470) in an initial public offering (IPO) of its shares and listed on IDX’s Acceleration Board on Wednesday (Jan 8), according to data from the IDX. Pigijo is also the first company to list on the new SME-focused board.

Pigijo is an Indonesia travel planner and marketplace that aggregates local experiences, guides, car rentals, and homestays.

It passes the business criteria to become a Shariah-compliant stock on the IDX. It also passes the financial criteria, which demands that a company’s debt to asset ratio be no more than 45% and its non-halal income to total income is no more than 10%.

The start-up, that started in February 2017, sold 150 million shares, equivalent to 48.98% of the company, to the public priced at 80 rupiah a piece.

Pigijo’s market capitalisation is 24.5 billion rupiah.

The company will channel the funds raised to working capital.

PT Tourindo Guide Indonesia’s founders include Pigijo CEO Claudia Ingkiriwang, Darren Arthur Philip Setiawan, PT Surya Fajar Capital, Ellen Yanury Luassa, and Henri Widodo, who together hold 156.25 million shares.

IDX had 668 listed companies as at January 7. Their total market capitalisation as at the morning of January 8 was 7.24 quadrillion rupiah ($520.3 billion).  

($1 = 13,927 Indonesian rupiah)

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