PT Multipolar Technology to Hold IPO, Strengthening Enterprise Service and Expanding to Mobile Payment

PT Multipolar Technology, a PT Multipolar subsidiary in IT business will hold an IPO on July 8, 2013. It will offer 20% of total shares, to raise up to 187.5 billion Rupiah to strengthen its business line in enterprise service.

As cited from The Jakarta Post, the fund raised from the IPO will be used to pay debts to the parent company and help covering this year's cost, as Multipolar Technology plans to buy properties in Lippo Village Tangerang, completed with its office equipment. The money expected to be obtained from this IPO is a little bigger than Multipolar Technology's gross profit that reach 139.4 billion Rupiah last year, gaining 104% growth from previous year. Multipolar Technology's revenue is counted at 1.33 trillion Rupiah last year.

It's interesting to look at Multipolar Technology's healthy business since it focuses on corporate IT services. Currently it has three subsidiaries, PT Visionet International that provides services related with electronic payment, PT Graha Teknologi Nusantara has anything related with data centers, while PT Technovas International has rights to utilize 12 transponder for television services using Lippo Star satellite.

Harijono Suwarno, President Director of Multipolar Technology said that the company try to strengthen its IT services portfolio to gain new market. He added, "We would like to expand our new line up in banking sector that include mobile banking, mobile analytic and mobile payment."

Banking is the core segment of Multipolar Technology, given it contributes up to 65% of total revenue. With big market potential in this sector, it's not surprising that we will find new player(s) that give service optimization in Internet and mobile.