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Fore Coffee has filed for an IPO amid a temporary trading halt on the local exchange due to a market dip. The company plans to use the funds for expansion, targeting 60 new stores this year, including a second location in Singapore.In other news, Grab is expanding its grocery segment in Malaysia, which has outpaced its food delivery growth for two consecutive quarters. The company is acquiring Everrise to enhance its presence in the grocery market, despite challenges in profit margins.
Bank Jago reported a remarkable growth in 2024, reaching 15.3 million customers, including 12.1 million Jago App users, a 50% increase from the previous year. This surge contributed to a 56% rise in third-party funds, totaling 18.8 trillion rupiah, while net profit after tax soared by 78% to 129 billion rupiah.
Indosat Ooredoo Hutchison (IOH) has partnered with Bank Saqu to enhance digital financial inclusion in Indonesia by integrating banking services into IOH’s MyIM3 and Bima+ apps. This collaboration aims to serve the underbanked and unbanked populations, particularly solopreneurs, with tailored financial tools.A key feature is “Tabung Matic,” an automatic savings tool that rounds up daily transactions, allowing users to save spare change in a rewards pocket called Saku Booster, with interest rates of up to 10% per year, subject to terms and conditions.
GoTo has sold Tokopedia to TikTok, while other major e-commerce players like Shopee and Lazada remain in Indonesia. Grab is pursuing a merger with GoTo, which could streamline operations but may face regulatory scrutiny due to potential market monopoly concerns. Retaining the Gojek brand could enhance local appeal amid competition.
Manycore Tech Inc., a Chinese AI startup specializing in spatial design software, is expanding its global presence despite ongoing US-China tensions. With teams in over 10 countries and serving enterprise customers in 200 markets, the company reported 86.3 million monthly active visitors in 2024.Recognized as one of Hangzhou’s “Six Little Dragons,” Manycore filed for a Hong Kong IPO after abandoning US listing plans due to regulatory challenges. While focusing on affordability to grow its user base, the company reported a loss of 422.1 million yuan (US$58.3 million) in the first nine months of 2024.
Bukalapak experienced a 7% growth in Q4, primarily fueled by an increase in marketplace revenue. This positive trend highlights the company's strong performance in the competitive e-commerce landscape.
Fore Coffee, an Indonesia-based coffee shop business, has launched its initial public offering (IPO) on March 19, offering up to 1.88 billion new shares at a price range of 160 to 202 rupiah. The IPO could raise approximately 379.76 billion rupiah (US$22.98 million), with the effective date set for March 25 and listing on the Indonesia Stock Exchange scheduled for April 11. PT Mandiri Sekuritas and PT Henan Putihrai Sekuritas are underwriting the offering.
Bukalapak reported a 7% revenue growth in Q4 2024, primarily fueled by a 21% increase in marketplace revenue, despite a 9% decline in online-to-offline (O2O) revenue due to restructuring in the FMCG segment. For the full year, the company achieved 4.5 trillion rupiah (US$293 million) in revenue, with nearly equal contributions from O2O and marketplace segments, and improved adjusted EBITDA by 28% year-over-year. Core earnings surged from 42 billion rupiah (US$2.54 million) in 2023 to 443 billion rupiah in 2024, alongside a cash reserve of 19 trillion rupiah (US$1.15 billion).
The Indonesia Stock Exchange (IDX) suspended trading on March 18 after the Composite Stock Price Index (IHSG) dropped 5.02% to 5,146 during the first session. The halt, initiated at 11:19:31 JATS time, lasted until 11:49:31 JATS time, allowing trading to resume without changes to the regular schedule. This measure is designed to protect investors from extreme price volatility and market imbalances.
Morgan Stanley has maintained an Overweight rating on Prudential plc, despite an anticipated profit decline for FY24. The financial services group primarily focuses on life and health insurance, which accounts for 96.8% of its revenues, with significant market presence in Hong Kong, Singapore, Malaysia, and Indonesia. Additionally, Prudential's asset management segment, Eastspring, manages USD 237.1 billion in funds as of 2023.
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fore coffee plans ipo amid market volatility and expansion efforts
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08:00 24.03.2025
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08:00 20.03.2025
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06:50 20.03.2025
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indonesia stock exchange halts trading after significant market decline
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09:02 18.03.2025
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