PT Garuda Raja Paksi to conduct an initial public offering in mid-September 2019 to raise Rp1 trillion (US$70.42 million) - Photo by Industry Ministry Office

JAKARTA (TheInsiderStories) – A steel producer, PT Garuda Raja Paksi (GRP) will conduct an initial public offering (IPO) in mid-September 2019, said CEO of PT Kresna Sekuritas, Octavianus Budiyanto today (08/23). The company planned to release 10 percent shares and eyeing Rp1 trillion (US$70.42 million) from the IPO.

Last year, GPR has try to enter the capital market but drop the planned cause the market to volatile. At that time the company aimed to release 20 percent shares with indicative targets Rp2. trillion.

GRP established in late of 2001 and focusing in flat steel products consisting of plates (sheet) and coils. It has combined annual production capacity 2.8 million tons of hot rolled flat products.

Beside Garuda Raja Paksi, Kresna Sekuritas also become underwriter the IPO of a digital cloud advertising company, PT Digital Mediatama Maxima (DMM), unit of PT NFC Indonesia Tbk (IDX: NFCX). Budiyanto explained, the IPO of DMM is targeting at the end of this year with targets of Rp600 billion.

For the second half of this year, IDX’ director I Gede Nyoman Yetna said 16 companies ready to hold an IPO. The companies has consider to go IPO are mining company PT Dana Brata Luhur trade services company PT Itama Ranoraya, property companies such as PT Bhakti Agung Propertindo, PT Dynatal Tatapersada Sampurna, PT Nusantara Almazia, and PT Alamanda Investama.

Then, from the basic industrial sectors like PT Optima Prima Metal Sinergi, Saraswanti Anugerah Makmur, PT Trinitan Metals and from various industry company namely PT Gaya Abadi Sempurna, PT Ifishdeco, and the service company PT Meka Adipratama.

He said, one company now in the process to list its shares on August 20 engaged, PT Kencana Energi Lestari. The power producer offered 977.68 million shares or as much as 25 percent of issued and paid-up capital with indicative price ranges Rp250 to Rp420 each. The company targeting to raise fresh funds up to Rp410 billion.

Until August 2, said Yetna, 32 companies has been listed at the IDX, bringing the total number of listed companies to 649 companies with market capitalization Rp7,205 trillion. There are also six new Exhchane Trade Funds, two Real Estate Investment Funds, and one DInfra.

Left one quarter, IDX’ President Director Inarno Djajadi remains optimistic the number of new issuers reached 75 companies in this year, same as the number of companies that IPO in 2018.

US$1: Rp14,200

Written by Staff Editor, Email: theinsiderstories@gmail.com