JAKARTA (TheInsiderStories) – Local startup, PT Telefast Indonesia Tbk set the initial public offering (IPO) price Rp180 (US$0.012) a share and aimed to raise funds Rp74.99 billion, said the management on Tuesday (09/10). The company plans to release 416,666,500 shares to the public or represents 25 percent of the total shares and paid up capital.
After the IPO, its parent company, PT M Cash Strategy Tbk (IDX: MCAS) ownerships sliced from 58.58 percent to 43.93 percent. Then the ownership of other shareholders, PT Distribusi Voucher Nusantara Tbk (IDX: DIVA) reduced from 7.58 percent to 5.69 percent, PT Telefast Investama Indonesia to 25.38 percent from initially 33.84 percent, and public 25 percent.
Telefast has received an effective IPO approval from Financial Service Agency on Sept. 5, 2019. Next, the company set the public offering period on Sept. 9 – 11 and listing at Indonesia Stock Exchange on Sept. 17.
The IPO process helped by PT Kresna Sekuritas and PT Trimegah Sekuritas Indonesia Tbk (IDX: TRIM) as the guarantor for the shares issuance while PT Sinarmas Sekuritas become the underwriter.
CEO of Telefast Jody Hedrian said, the IPO proceeds will be used for working capital, capital expenditure, and will be directed to investment in human resources. The company also plans to develop new businesses with the IPO funds.
Beside Telefast, IDX’ director I Gede Nyoman Yetna said 18 companies ready to hold an IPO in this year. The companies are mining company PT Dana Brata Luhur, trade services company PT Itama Ranoraya, 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 issuer 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 end of 2019, the targets is not easy to achieve followed the lot of uncertainties in the global economy.
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