Buyung Poetra revives IPO plan, seeks to raise Rp280b

JAKARTA (TheInsiderStories) – Indonesian rice producer and distributor with Topi Koki brand PT Buyung Poetra Sembada (BPS) revived its initial public offering (IPO) plan after delaying from planned December last year. Last Friday, the company announced its plan to conduct roadshow and book building for the IPO on May 24-June 6. The company has appointed Trimegah Sekuritas, Bahana Sekuritas Indonesia and RHB Sekuritas Indonesia.

The company said it will offer 700 million unit of shares or 29.79 percent of the company’s enlarged capital, with IPO price in a range of Rp305-Rp400 per share, with total fresh funds to be raised amounting to Rp210-Rp280 billion. The size of the IPO has been scaled down from 30.08% and the IPO price has also been lowered from Rp420-Rp500 each.

President Director of BPS Buyung Poetra, Sukarto Bujung said, the company recorded annual sales growth of 30.3 percent in the last three years. In 2016, its sales reached Rp1.14 trillion from Rp658.28 billion in previous year. (*)