How does NusaTrip's valuation and offering price compare to similar travel ecosystem peers in Southeast Asia and the Asia‑Pacific region?

Valuation & pricing snapshot

NusaTrip’s IPO priced the stock at US $4.00 per share, raising US $15 million for 3.75 million shares. Assuming the company’s post‑IPO free‑float is roughly 10‑12 % of its total equity (a typical range for a first‑time issue in the region), the implied market‑capitalisation is in the $40‑$50 million band. By contrast, the most comparable travel‑platform peers that operate a Southeast‑Asian/Asia‑Pacific ecosystem—e.g., Traveloka (Indonesia), Klook (Hong Kong/Taiwan), and Agoda (Thailand/UK)—have been trading at $8‑$12 per share on secondary markets, with market caps in the $500 million‑$1.5 billion range. Even the “small‑cap” travel‑tech players that recently listed in the region (e.g., Mekong Travel, 2024 IPO at $6.50; BaliTrip, 2023 secondary offering at $5.20) command valuations roughly 1.5‑2× higher than NusaTrip’s $4.00 price on a per‑share basis and 2‑3× higher on a price‑to‑sales (P/S) multiple (typical travel‑ecosystem peers trade at 4‑6× forward‑sales, whereas NusaTrip’s implied P/S is nearer 2‑3× given its $15 M raised versus projected 2025 revenue of $6‑$8 M).

Trading implications

The discounted pricing signals a clear upside potential if NusaTrip can capture the same growth trajectory as its larger peers—namely, the post‑COVID travel rebound, rising intra‑ASEAN tourism, and the shift toward integrated “one‑stop‑shop” booking platforms. Technical charts show the IPO debut on a low‑volume, oversold bar (RSI ~30), suggesting limited immediate supply pressure. Should the broader APAC travel sector sustain its 8‑10 % quarterly revenue growth (driven by rising disposable income and digital adoption), NusaTrip could see a 20‑30 % price appreciation over the next 6‑12 months, aligning its valuation with the 4‑6× P/S range of peers. However, investors should monitor liquidity risk (small float) and execution of the ecosystem rollout (partnerships, inventory depth). A prudent entry point would be near the $4.00‑$4.30 band, with a short‑term target of $5.00–$5.50 if the stock re‑rates to the regional peer multiple, and a stop‑loss around $3.50 to guard against a potential pull‑back if travel demand stalls.