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Pigijo Startup Officially Released Its Stocks on IDX

Pigijo Startup Officially Released Its Stocks on IDX

PT Tourindo Guide Indonesia Tbk (PGJO) or Pigijo, which is a tourism marketplace startup, became the first issuer to take the floor on the stock exchange this year, as well as IDXng the first issuer on the acceleration board.

Pigijo is a startup or startup company that provides tourism planning services. Users can choose their destination, transportation, activities, hotel, travel assistant, and others through the Pigijo marketplace application.

By taking the floor on the IDX, the company targets to capture 180,000 transactions through its marketplace application this year. Claudia said that last year Pigijo focused on building platforms and working with partners.

Pigijo Startup Officially Released Its Stocks on IDX
Pigijo Startup Officially Released Its Stocks on IDX

Pigijo’s Plan with IDR 12 Billion IPO Funds

On Wednesday (8/1), Pigijo officially listed its shares on the Indonesia Stock Exchange (IDX) through a new public offering (IPO) scheme. From this corporate action, Pigijo succeeded in making fresh funds of Rp 12 billion.

Chief Executive Officer (CEO) Pigijo Claudia Ingkiriwang said that all the funds will be used to finance working capital needs. “Such as marketing and promotion costs, rental fees, and operational costs to support business activities,” he said at the IDX Building.

Claudia said, Pigijo would boost marketing after taking the floor. This is a continuation of the steps that have been implemented in 2019. Last year, the company’s main activity was to build platforms and partners.

“So in 2020, our target is to enter transactions. Several parameters have already been made and will be carried out,” said Claudia. This year, Pigijo targets 180 transactions. His aim is that 10-20 percent of foreign tourists visiting Indonesia use the Pigijo platform.

Pigijo Startup Officially Released Its Stocks on IDX
Pigijo Startup Officially Released Its Stocks on IDX

At present, the reach and network of Pigijo tourism coded PGJO issuers cover 34 provinces. Includes 66 tourism assistants, 1,276 car rentals, 407 guest houses, 3,123 local activities, and 4,820 destinations.

Pigijo Targets Net Profit in 2026

Nevertheless, he said that this year the company would not yet book a net profit. The company targets a new net profit to be achieved in the sixth year after the IPO or in 2026. “We have made a fairly careful business projection, but it is sustained that in the sixth year we can record profits,” said Claudia.

As for the IPO prospectus, it was stated that during the first semester of 2019 Pigijo recorded a net loss of IDR 1.75 billion. In that period they managed to pocket a net income of IDR 36.18 million.

The company partnered with PT Surya Fajar Sekuritas to become the underwriter. Pigijo released 150 million new shares to the public, equivalent to 48.98% of the total shares after the IPO. Claudia has major shares of 17.7%.

Pigijo Startup Officially Released Its Stocks on IDX
Pigijo Startup Officially Released Its Stocks on IDX

The Value of Pigijo’s Shares Went Up After Open

Pigijo became the first to conduct an IPO in 2020, as well as IDXng the first company to enter the stock acceleration board. Thus, Pigijo became the 669th company listed on the Indonesia Stock Exchange.

The company with the trading code PGJO is releasing 48.98 percent of the total shares to the public with a total public offering of IDR 12 billion. The company shares are offered with an initial value of IDR 80 per share.

As per the opening, the value of PGJO shares rose 10 percent to IDR 88 per share. Pigijo shares are traded once with a volume of 10 lots of shares with a value of IDR 88,000. In total, the shares were traded 33 times, with a value of IDR 49.49 million.

Claudia said that by taking the floor on the stock exchange, her company would not only target domestic tourists but also foreigners. Thus the company is expected to help the government achieve the target of tourist visits.

Director of Corporate Valuation I Gede Nyoman Yetna hopes that the company can continue to grow by taking the floor on the stock market. He said investors paid attention to three things, namely return, profit, and company growth. “We expect company performance to improve, so wake up earlier and work harder,” he said.