After announcing its plans for a year-end IPO back in May, Indonesia’s ecommerce startup M Cash Integrasi (MCI) is now revealing its IPO price at between Rp 1,300 and Rp 1,405 (about US$0.097 to US$0.11).

The startup is set to list on the Indonesian Stock Exchange (IDX) in November, where it will be offering up to 216 million shares, which is equivalent to 25 percent of its paid-up capital.

If successful, the company will raise up to Rp 300 billion (about US$22 million) in fresh funds which will be used for business expansion and working capital requirements.

M Cash Integrasi will also become the second startup to be listed on the IDX after Kioson, an O2O e-commerce service company who is a rival to Grab’s Kudo.

Currently, the company has also reportedly receive a strong response to its anchor book, driven by the market’s optimism about the technology space in the country.

“So far, we are open to strategic partners who want to enter, and many strategic partners and funds have expressed interest in M Cash,” Suryandy Jahja said.

According to Kresna’s managing director Suryandy Jahja, the company has received strong anchor book interest from investors in Hong Kong, Singapore, Australia, United Kingdom, and the United States.

“We want to make sure that the anchors will be good names, so well will be very, very selective,” Jahja added.

Although the anchor book allocation period was closed last Wednesday, other investors can still place their bookings from October 5 until October 19.

Founded in 2010, M Cash Integrasi generate physical cards such as mobile SIM and e-money with automatic registration, in addition to other services including credit top-up, routine bill payment, and e-commerce transactions.

M Cash Integrasi said it is already profitable in business, having reported a revenue of Rp 480 billion (about US$73 million) in 2016.

Kresna Graha investment currently owns 17.6 percent of shares in the company. By the end of the year, the investment firm will help MCI launch 1000 outlets, and double that number in 2018.