Cryptocurrency investments have gained significant traction among investors, particularly for those with a High Risk investment profile. PT Indokripto Koin Semesta Tbk, trading under the ticker COIN, operates within Indonesia's regulated crypto futures and asset exchange ecosystem through its subsidiaries—PT Central Finansial X (CFX) and PT Kustodian Koin Indonesia (ICC).
Company Overview
Founded in 2022, COIN serves as a holding company investing in crypto-focused subsidiaries:
- CFX: Licensed crypto futures and asset exchange platform.
- ICC: Custodian services for crypto assets, ensuring secure storage and transactional transparency.
Regulatory Approvals
- Licensed by BAPPEBTI (June 2023 for futures, July 2023 for crypto asset exchange).
- First OJK-regulated crypto exchange in Indonesia, enhancing market trust and safety.
Pre-IPO Shareholding Structure
Major shareholders included PT Megah Perkasa Investindo (28.22%), PT Bahana Nusantara Indojaya (23.45%), and several other institutional and private investors.
IPO Details
- Offering: 2.205 billion shares (15% of post-IPO capital) priced at Rp100–Rp105/share.
- Maximum Funds Raised: Rp231.61 billion.
- Underwriter: PT Ciptadana Sekuritas Asia (Full Commitment).
Post-IPO Shareholding
Public ownership: 15%, with adjusted stakes for pre-IPO shareholders (e.g., PT Megah Perkasa Investindo reduced to 23.98%).
IPO Timeline
| Event | Date |
|--------------------------------|--------------------|
| Book Building Period | 23–25 June 2025 |
| Effective Date | 30 June 2025 |
| Public Offering | 2–7 July 2025 |
| Listing on IDX | 9 July 2025 |
Use of IPO Proceeds
85% to CFX:
- 45% for IT infrastructure (cloud services, cybersecurity).
- 40% for liquidity provisioning.
- 15% for operational costs (public education, R&D).
15% to ICC:
- 80% for Blockchain Wallet and IT security.
- 20% for administrative and marketing expenses.
Financial Performance
2024 Highlights
- Revenue: Rp101 billion (+281,255% YoY).
- Net Profit: Rp43 billion (vs. Rp646 million loss in 2023).
Key Ratios
- Net Profit Margin: 42.42%.
- Debt-to-Equity: 1.81x (healthy solvency).
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Dividend Policy
- Up to 70% of annual net profit (post-2026).
Business Prospects
Industry Tailwinds
National Digital Economy:
- 79.5% internet penetration (APJII, 2023).
- Government focus on blockchain integration.
Crypto Adoption:
- Indonesia ranks 3rd globally in crypto users (22.91 million investors, Dec 2024).
- Transaction volume: Rp650.61 trillion (2024).
Competitive Edge
- First-mover advantage in Indonesia’s regulated crypto derivatives market.
- Partnerships with licensed crypto traders for asset custody.
FAQs
Q: Is COIN a high-risk investment?
A: Yes, due to crypto market volatility, though regulatory oversight mitigates some risks.
Q: What’s the long-term growth potential?
A: Strong, given Indonesia’s crypto adoption rates and COIN’s infrastructure investments.
Q: How does COIN ensure asset security?
A: Through ICC’s custodian services and advanced IT security protocols.
Conclusion
COIN’s IPO presents a compelling opportunity backed by:
- Robust financials.
- First-mover status in Indonesia’s regulated crypto market.
- Strategic use of IPO funds for scalability.
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Disclaimer: Investments carry risks. Conduct independent research before deciding.
Sources: Company prospectus, BAPPEBTI reports, IDX disclosures.