Indonesia-based online travel agency (OTA) NusaTrip has closed its initial public offering, with proceeds totaling $15 million before underwriting discounts and offering expenses. Shares began trading on the Nasdaq Capital Market on August 15.
The company said the proceeds will be used to expand into new markets and for merger and acquisition initiatives. It will also be allocated for business expenses and “corporate purposes.”
“We are gratified to close this offering,” said NusaTrip CEO Tjin Patrick Soetanto.
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“There’s never been a better time to be in the online travel market in Southeast Asia. With SEA’s disposable income and internet penetration booming, we believe the future is quite bright for our sector. And, with the strategic and technological advantages we hold over the majority of our peers, we think the next few years will feature significant growth for our company.”
Founded in 2013, NusaTrip specializes in Southeast Asia and the Asia-Pacific, helping travelers book flights and hotels. According to the company’s LinkedIn page, it offers over 500 airlines and 200,000 hotels in more than 10,000 global destinations.
“We decided in 2024 to spin off NusaTrip as a public company because we saw its potential to achieve accelerated growth in an online travel market that was growing strongly in our region as well as across the Asia Pacific,” said Raynauld Liang, CEO of Society Pass, which is the controlling shareholder of NusaTrip incorporated.
“Today, we’re even more convinced that NusaTrip can and will achieve this goal.”
Vietnam-based Society Pass acquired NusaTrip as its travel vertical in 2022 for an undisclosed amount.
The following year, NusaTrip acquired VLeisure, a B2B hotel platform based in Ho Chi Minh City, Vietnam. The terms of the deal were not disclosed, but the move was intended to help NusaTrip expand its base of operations outside of Indonesia.