Deal Type
Domestic Initial Public Offering of PT WIR Asia Global Tbk on the Indonesia Stock Exchange in April 2022, with flotation of 21.36% all new shares, raising a total IPO proceeds of IDR431.8 billion. Together with the IPO, the Company also issued Warrants with ratio of 10:3, which combined raising a total consideration of IDR576.9 billion.
Companies Description
PT WIR Asia Tbk (“WIRG”)
As the pioneer of Augmented Reality (AR) and Virtual Reality (VR) technology usage in Indonesia, WIRG is one of the strongest Metaverse technology players in Indonesia with international presence. With its listing in the IDX, WIRG becomes the first and most established Metaverse company listed in the IDX. WIRG has operated their business since 2011 with 4 registered AR and VR usage patents in Indonesia and actively involved in International exhibition and development. WIR Group has 4 main businesses: AR&Co as Artificial Intelligence developer which offers customized AR for the clients, DAV devices which spread across Indonesia in collaboration with retail stores in Indonesia, MindStores that provides a Virtual Stores (VR enabler) platform to their partners and DM ID that provides brand consulting services. WIRG also develops Minar, a location-based mobile gaming application based on AR and GPS features which those technologies are believed to be the future of gaming world.
Our Role and Value-Added Services
Avantgarde Capital acted as financial advisor to PT WIR Asia Tbk and its founders in the Initial Public Offering.
Our value-add services included coordinating the whole workstreams to ensure the transaction is well executed in timely and professional manner. We played an instrumental role in building a solid investment thesis and marketing materials by having a close collaboration with the management. Our team also prepared a robust business plan and financial model with the use of IPO proceeds in order to optimize the Company’s value. We also helped prepare and assist the management in providing the required information and response for due diligence process and regulatory filing in regards to the IPO process.