A Tycoon-Backed Indonesian Tech Firm Taps Shareholders for $163 Million to Power Its AI Data Play

JAKARTA, Investortrust.id — An Indonesian digital infrastructure provider backed by billionaire mining mogul Garibaldi "Boy" Thohir wants public markets to finance its pivot toward artificial intelligence computing.

PT NexAI Digital Infrastruktur Tbk, trading on the Indonesia Stock Exchange under the ticker MGLV, launched a rights issue targeting proceeds of up to Rp 2.537 trillion ($163.6 million). The company announced on Friday, September 11, 2026, that it will issue 285.73 million new shares priced at Rp 8,880 ($0.57) each, equivalent to roughly 13.04% of its enlarged equity base.

The cash call highlights Southeast Asia's intensifying race to build the hardware spine required for generative AI and cloud workloads. Regional operators are rushing to secure contiguous industrial land, power grids, and cooling gear as enterprise demand outstrips domestic server capacity in Southeast Asia's largest economy.

Under the terms registered on Friday, investors holding 100 shares as of November 3, 2026, receive 15 pre-emptive subscription rights, trading on the Jakarta bourse between November 5 and November 18.

Anchor Backing and Debt Settlement

The offering carries strong institutional underwriting from within. Controlling shareholder PT Nextier Datamate Center (NDC), which controls a 65.10% stake in NexAI, formally pledged in a September 10 statement to exercise 186 million rights, injecting Rp 1.651 trillion ($106.5 million) of its own capital.

Proceeds will clear intercompany liabilities before underwriting hardware procurement. NexAI plans to allocate Rp 668.6 billion ($43.1 million) to take over debt that parent entity NDC holds against operating subsidiaries: Rp 668.4 billion ($43.1 million) owed by PT Nextier Askara Center (NAC) and Rp 160 million ($10,300) owed by PT Nextier GenAi Center (NGC).

Expanding the Server Footprint

The operational centerpiece of the plan directs approximately Rp 1.6 trillion ($103.2 million) into capital injections for operating subsidiaries, where NexAI retains a 99.9% controlling ownership.

Around Rp 1 trillion ($64.5 million) will go to NGC, a pre-commercial development arm holding land-use rights across 144,582 square meters (about 35.7 acres) at the Batang Integrated Industrial Estate (KITB), a state-backed manufacturing hub on Central Java’s northern coastline. The capital will fund land-lease installments, structural facilities, and heavy electrical machinery.

Another Rp 600 billion ($38.7 million) is earmarked for NAC, which manages commercial data facilities inside the Jababeka industrial corridor in Cikarang, West Java. Those funds will cover replacement hardware and capacity expansions. NexAI intends to direct remaining balances into standard administrative overhead, tax advisory services, auditing, and corporate payroll.

The Thohir Premium

Market interest accelerated when investment vehicles tied to Mr. Thohir—PT Trinugraha Thohir and PT Trinugraha Thohir Harmoni—accumulated stakes of 2.25% and 4.86%, respectively. The tycoon, who built his fortune in coal and thermal power, has increasingly redirected liquidity toward renewables and tech-forward infrastructure.

NexAI shares, listed on the exchange's acceleration board—a trading segment with broader volatility bands designed for emerging-growth firms—soared more than 81% over the past month to Rp 15,000 ($0.97). The swift ascent prompted bourse regulators to slap the stock with a mandatory cooling-off suspension, leaving the discounted rights issue price of Rp 8,880 set to test secondary market appetite once trade resumes.