Evermos, a Bandung-based startup in the social commerce sector that connects local suppliers and small distributors, has planned to issue initial shares, or initial public offering (IPO), in 2026.
As quoted from DealStreetAsia, Evermos has raised capital funds worth US$78.25 million, with investors including International Finance Corp (IFC) of the World Bank Group; Shunwei Capital, a venture capital firm; UOB Venture Management, and Jungle Ventures.
The company is now considering issuing shares as part of its stock flotation plans at several stock exchanges, such as the Indonesian Stock Exchange (BEI) and Nasdaq in the United States.
The company said that the United States is one of its targets for the IPO.
“We plan to conduct an IPO in the next two years,” Iqbal Muslimin, said as quoted by Nikkei Asia, on Tuesday June 4, 2024.
Muslimin added that the company currently has a gross margin value that will double to US$800 million in 2024.
“We are targeting positive earnings before interest, taxes, depreciation and amortization or EBITDA in the fourth quarter [of this year],” he said.
The company has 600,000 registered distributors, most of them are women. Its distributors or resellers use social media platforms, such as WhatsApp, Facebook, TikTok in an effort to market their products.
According to global online data and statistic portal Statista, GMV or gross transaction value of social commerce in Indonesia was estimated at US$8.2 billion in 2023 and is projected to increase drastically to US$22.1 billion in 2028.
