Growth capital firm Venteny Fortuna seeks to raise US$27M via IPO on IDX

Venteny Fortuna International, a Jakarta-headquartered company providing growth funding and HR services for MSMEs, said on Thursday its application to list on Indonesia’s exchange IDX has been approved.

Venteny has received a pre-effective letter from the Financial Services Authority (OJK) and opened a book building (IPO) for potential investors from 21-29 November 2022.

With this, Venteny is set to become the first Japanese founder-led startup to be listed in Southeast Asia.

The company seeks to raise as high as IDR 422,900,595,000 (US$27 million) or the equivalent of 15 per cent of the total issued capital.

It plans to use the funds (minus the issuance costs) to increase the group’s working capital and support its business development and growth. It expects to improve its capital, human resources, and technology.

The price per share of Venteny sets to IDR 350-450 (US$0.022-0.029).

Venteny was founded in 2015 by Jun Waide, a Japanese businessman and professional. Initially incorporated in the Philippines, Venteny expanded to Singapore in 2016 and finally started operations in Indonesia.

As the business continued to grow, in 2021, the management established a holding company, Venteny Fortuna International, to strengthen the synergy of all subsidiaries.

Venteny Fortuna provides growth funding and human resources services for MSMEs and large enterprises. Through its financing partners in Indonesia, Venteny disburses funding to MSMEs with competitive interest, supported by an integrated credit assessment process to minimise the risk of bad credit and a fast application process.

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It also provides employee benefits, such as welfare, protection, self-development, and entertainment,  through its employee super-app services.

Since being established in Indonesia until Q3 of 2022, the company claims to have disbursed funds of more than IDR 2 trillion (US$128 million) to businesses.

The group has been profitable since 2021. Based on the audited financial statements as of June 30, 2022, the group’s net profit grew by 800 per cent YoY.

In February 2017, it secured a seed round, followed by Series A round funding from SV-FINTECH Fund managed by Voyage Group and SV Frontier in December 2017.

“We are grateful for the customer’s trust, so Venteny has been profitable within two years of operations. This proves that Venteny has worked well on market potential and demand. Through IPO way, we invite everyone to participate in creating the future of the solid industry ecosystem,” says Waide, Founder and Group Chief Executive Officer of Venteny.

With four offices in Indonesia, Venteny plans to increase it to 15 next year and start its operations in the Philippines and expand into Thailand and Vietnam.

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