Indonesian mining company PT Trinitan Metals and Minerals Tbk and property developer PT Nusantara Almazia Tbk plan to hold an initial public offering - Photo: Special

JAKARTA (TheInsiderStories) – The company engaged in the renewable energy business, PT Kencana Energi Lestari Tbk set the initial public offering (IPO) in the range Rp250 – Rp420 (US$0.02 – 0.03) a share, said the company last week. The company targeting listing at the Indonesia Stock Exchange on August 20 with the KEEN stock code.

In this IPO agenda, the company will release as many as 977.68 million shares or a maximum of 25 percent of the company’ issued and paid-up capital. The company targets to get fresh funds up to Rp410 billion from the IPO.

“We will use the proceeds for business expansion, both in the fields of energy generation and other renewable energy,” said Chief Financial Officer of PT Kencana Energi Lestari, Giat Widjaja, in Jakarta (07/19).

He specified, 55 percent of the IPO proceeds will be used for hydroelectric power and renewable energy in the areas of Sumatra and South Sulawesi. The facility is estimated to have a production capacity of 205 megawatts (MW) through investments in equity participation by the company in subsidiaries and other entities.

Then, around 25 percent will be used for working capital of its unit PT Bangun Tirta Lestari. Furthermore, around 20 percent will be allocated for capital expenditure of the subsidiaries PT Nagata Dinamika Hidro Madong related to the Madong project.

Along with this action, the company also holds an employee stock allocation program of as many as 2 percent of the total shares offered through an IPO or around 19.55 million.

During July until December 2019, IDX has pocketed 15 companies planning to go IPO with total funds to be collected Rp867.45 billion. The company with the largest funds collection is PT Satyamitra Kemas Lestari with worth Rp130 billion. The basic industrial company has been listing at the IDX on July 11.

Next company is Kencana Energi and then go to the property developer PT DMS Propertindo, which is enter the stock exchange on July 9 with value of funds og Rp93.3 billion. Beside, PT Softex Indonesia, a company in the baby and women’ care industry, seems to sell part of its shares to the public through an IPO.

While, television operator, PT Net Visi Media is not included in the latest IPO pipeline list. The company is estimated to raise funds worth of Rp1.0 trillion from the IPO.

So far, there have been 24 companies that have conducted IPOs in the domestic capital market since the beginning of the year. Of the 24 companies, the total funds pocketed by these companies reached Rp3.66 trillion.

US$1: Rp14,000

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