JAKARTA (TheInsiderStories) – Indonesian medical device distribution company PT Itama Ranoraya plans to conduct an initial public offering (IPO) on October 10, 2019. The company targets funds of around Rp150 billion (US$10.56 million),” the management told the media today (09/12).

In the IPO, the company plans to release 400 million shares at a price of Rp315-375 per share. The shares released represent 25 percent of the company’s capital.

The company has received an effective IPO statement on September 9, 2019. The book-building will be conducted on September 11-18, 2019. While the listing of shares on the Indonesia Stock Exchange (IDX) will be conducted on October 10, 2019.

Director of Itama Ranoraya Heru Firdausi revealed funds from the IPO proceeds will be used around 60 percent for expansion the network throughout Indonesia until 2020 and 40 percent for working capital.

For information, Itama Ranoraya is a company engaged in the distribution of medical devices such as Oneject Auto Disable Syringe, Abbott Diagnostics, Terumo BCT, and Ortha Clinical Diagnostic. The company’s market share is private and government-owned health institutions such as the Indonesian Red Cross, the Ministry of Health, hospitals and community health centers throughout Indonesia. At present, the company’s products are widespread throughout Indonesia.

CEO Itama Ranoraya Teten Setiawan said, with more than 10 years experience and supported by the experienced management team, the company is optimistic it can develop rapidly. The company will also carry out various strategies to move forward, namely by increasing sales capacity, efficiency, and optimizing management performance.

Beside Itama Ranoraya, IDX’ director I Gede Nyoman Yetna said others companies ready to hold an IPO in this year. The companies are mining company PT Dana Brata Luhur, property companies PT Bhakti Agung Propertindo, PT Dynatal Tatapersada Sampurna, PT Nusantara Almazia, and PT Alamanda Investama.

Then, from the basic industrial sectors like PT 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.

Until August 2, said Yetna, 33 companies have been listed at the IDX, bringing the total number of public listed companies to 650 issuers with market capitalization Rp7,205 trillion. There are also six new Exchange Traded Funds, two Real Estate Investment Funds, and one DInfra.

This year, the bourse targeting 75 companies that went public this year same number with 2018. With limited months to the end of 2019, the targets are not easy to achieve following a lot of uncertainties in the global economy.

US$1=Rp14,200

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