Indonesia’s branded apparel-maker Golden Flower aims for IDX listing

Golden Flower - IDX

12/6/2019 – Golden Flower, the Indonesian manufacturer of Calvin Klein’s clothing brand has recently announced its plans to raise US$3.1 million in an initial public offering on the Indonesia Stock Exchange (IDX).

The company located in Semarang plans to sell 150 million new shares, which is equivalent to 20 percent of its enlarged capital at an IPO price between Rp260 (about US$0.018) to Rp300 (about US$0.021) per share.

Golden Flower appointed UOB Kay Hian as its underwriter, and they explained that this price was set based on the results of the bookkeeping process from May 17 to May 27, 2019 whereby the company had set the price at Rp288 (about US$0,020).

“During the offering period, the market response was quite good,” said John Octavian, the Head of Investment Banking at UOB Kay Hian.

Golden Flower also manufactures for US global brands including Michael Kors, Tommy Hilfiger, DKNY, and American Eagle.

In 2018, Golden Flower has recorded a total sales of around Rp 437 billion (about US$30.81 million), which is a marginal increase by 0.16 percent from the previous fiscal. Nearly 90 percent of the company’s total revenue is derived from exports.

The public offering, according to Golden Flower, will be conducted on 17 to 20 June, while the listing date on the IDX is estimated to be on June 26, 2019.

The company plans to use the IPO proceeds as working capital to increase raw material purchases, production costs, operational costs, and marketing costs.

If successful, Golden Flower would be the 13th firm to be listed on the IDX this year. This figure has yet to reach half of IDX’s expectation to see 57 companies going public in 2019.

Wavemaker Partners Secures US$60M first close for third SEA-focused fund

Wavemaker Partners 2

Wavemaker Partners

11/6/2019 – Singapore-based Wavemaker Partners hits a US$60M first close for its US$100M fund. Investors in the Southeast Asian early-stage ventures focused firm includes Pavilion Capital, the International Finance Corporation (IFC) and Temasek Holdings.

Limited Partners joining the fund include Vulcan and EE Capital, the family offices of the co-founders of Microsoft and Facebook respectively, Singapore’s Keppel Corporation, multi-family office Aglaia Family Office, and Lance Gokongwei, chief executive of Philippine conglomerate JG Summit Holdings.

Wavemaker Pacific 3, L.P. or Wavemaker SEA Fund III, managed by Paul Santos and Eric Manlunas, will be focusing on seed-stage investments in the deep tech and B2B industries. The fund also announces future plans to invest in 60 startups with an initial cheque size of about US$500K.

Santos commented in a blog post following the announcement, “Most VCs in SEA invest in consumer tech. We’re grateful to have had our share of consumer success with Luxola (acquired by LVMH) and Coins.ph (acquired by Gojek).”

Despite the notable exits of consumer tech companies, Wavemaker Partners expresses its grip and focus on enterprise and deep tech startups. Drawing attention to more than 80% of their investments being made in those industries since 2012.

Santos continued, “This is where we’ve built our experience, expertise, and network. This is where our conviction and momentum have grown. With this new fund, we are thrilled to have the opportunity to continue to work with many of the best enterprise and deep tech founders in the region,”

Among the firm’s portfolio companies are beauty and lifestyle marketplace Zilingo, computing platforms companyThinCI, point-of-sale application solutions providerMoka, and fraud risk management company CashShield.