WIR's IPO: Dawn of the Metaverse Era in Indonesia?

The Indonesia Stock Exchange will have a new issuer under the ticker name WIRG. PT WIR Asia Tbk, which is said to be one of Indonesia's first metaverse development companies, has set an Initial Public Offering (IPO) at a price of Rp168 per share. WIR offered up to 2.3 million shares, quoted from their prospectus that was released on Tuesday (3/29), representing up to 20% of the issued and fully paid capital following the public offering. WIR intends to raise Rp392 million through a series of equity funds. According to the Company's Board of Directors Decree No.035/SKD/ESA/WIR/XII/2021, the company also held an Employee Stock Allocation (ESA) program with a maximum of 1.02% of the shares offered in a public offering, or equivalent to almost 24 million shares. With an offering price of Rp168 per share, WIR Asia can pocket a total of Rp392.63 billion in new funds. "A total of Rp392.6 billion has been raised through public offerings," WIRG management wrote on Tuesday (3/29). The price set is close to the maximum price that can be offered during book building. Each WIR Asia share was initially offered at a price of between Rp 150 and Rp 170 during that period.

The company also simultaneously issues a maximum of up to 771 million shares of Series I Warrants in conjunction with the new shares, or up to 8.25% of the total number of issued and fully paid shares at the registration statement connection with the public of