JAKARTA (Reuters) – e-commerce company PT Kioson Komersial Indonesia Tbk attracted many investors to the first IPO in Indonesia, and its shares rose in the debut debut in very thin volumes on Thursday.

A reaction to an IPO could potentially pave the way for large companies in the largest economy of Southeast Asia to follow in the footsteps of Kioson and be quoted on the domestic stock market.

Kioson raised 45 billion rupees ($ 3.3 million), selling 150 million shares, or 23.1 percent of the company’s total share, of 300 rupees each. The offer was more than 10 times exceeded.

Debut shares rose to 50 percent, but volumes were very thin, and only more than 10,000 shares were sold.

The launch phase in Indonesia is booming, as investors are attracted by the country’s youth demography of 250 million people, who are increasingly buying something from electronic tickets to an online gadget.

President Joko Widodo also sought to expand broadband access in the expanding archipelago.

Kioson CEO Yasin Halim said that the company had previously received offers from venture capital and private equity funds, but decided to go to an IPO because of the difference in valuation.

“The way that is launched is, as a rule, the search for venture capital, angel investors, etc. We believe that by going through the IPO route, this method is the most fair and transparent,” he told journalists. “Let the market value of our company.”

In addition to being an alternative way to raise funds for start-up companies in Indonesia, Kioson also offers retail investors the opportunity to participate in the capital market and benefit from the “hypermarkets” of start-ups, Halim said.

Kioson manages an online business model that allows customers to make purchases online and collect their orders from the ubiquitous stalls known as “warungs” throughout Indonesia.

As of September, the company has joined 19,000 kiosks and plans to increase it to 100,000 by 2019, Halim said.

Kioson plans to use funds from its IPO mainly to purchase online vouchers from PT Narindo Solusi Komunikasi.

Andy Bodeman, co-founder of venture capital Ideosource, told Reuters that he expects more start-ups to take an IPO route in Indonesia, as they will be able to get a more accurate estimate from local investors who are more familiar with their products.

“Thanks to the products offered in Indonesia, it is easier to create a positive perception in Indonesia than to introduce it in other countries,” said Bodeman, whose company with venture capital invested in the online store PT Bhinneka Mentari Dimensi. (Reut.rs/2yJnoHQ)

PT M Cash Integrasi, which distributes online vouchers through its physical kiosks, also plans to raise up to 300 billion rupees, offering a 25 percent stake in the IPO. M Cash is a unit of PT Kresna Graha Investama Tbk.