Alexander Rusli's Fintech Prepares for IPO on Nasdaq

By Editorial Team 11/01/2023
skema IPO SPAC
Summary

DigiAsia will reportedly go public in the United States. The Indonesian fintech company, founded by former Indosat CEO Alexander Rusli, will be listed on the Nasdaq stock exchange as FAAS, a merger between DigiAsia Bios and special purpose acquisition company (SPAC) entity StoneBridge. The plan to hold an IPO overseas aims to strengthen DigiAsia's business in the Southeast Asia region. DigiAsia's valuation reached US$500 million, or Rp 7.8 trillion, before additional funding (pre-money). Mastercard and Reliance Capital Management are among the listed shareholders of the merged company.

"DigiAsia has a presence in Indonesia and is now expanding to Southeast Asia, the Middle East, and North Africa. The capital increase through the IPO and subsequent executions will help establish Digi as the clear leader in digital wallets and banking-as-a-service in the region," DigiAsia Co-CEO Alexander Rusli said.

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