An animal feed producer, PT Widodo Makmur Unggas Tbk set the initial public offering (IPO) in the range of Rp142 to Rp200 a share and potential to reap up to Rp1.18 trillion (US$84.29 million) of funds - Photo by the Company

JAKARTA (TheInsiderStories) – An animal feed producer, PT Widodo Makmur Unggas set the initial public offering (IPO) price in the range of Rp142 to Rp200 a share and potential to reap up to Rp1.18 trillion (US$84.29 million) of funds, the company announced today. The firm founded by Tumiyana, plans to release 5.92 billion shares or 35 percent of the issued and paid up capital.

According to the president director, Ali Mas’adi, the issuer had received a pre-effective statement from the Financial Services Authority on Dec. 30, 2020. Then, the public offering held on Jan. 7 – 13 and targeting to list the shares on the Indonesia Stock Exchange on Jan. 29.

Widodo Makmur has appointed PT CIMB Niaga Sekuritas, PT BRI Danareksa Sekuritas, and PT Samuel Sekuritas as the joint lead underwriters for the IPO. Most of the proceed from IPO will uses for expansion, including the construction of the farm breeding facility in Gunungkidul, Yogyakarta.

Then, the construction of commercial farm facility in Klaten, Central Java Province and hatchery facilities in Sukabumi, West Java. Next, the construction of the commercial farm broiler facility in Wonogiri, East Java also the construction of the slaughterhouse facility in Cianjur, West Java. In addition, the construction of a feedmill facility in Ngawi, East Java.

This year, Widodo Makmur projects sales to increase by 436 percent and net profit to jump 259 percent from last year. Until October, the manufacturer’ sales reached Rp940.92 billion from a year ago Rp448.67 billion with net profit soared to Rp62.63 billion from Rp26.54 in the same period.

Based on the official data, this company was founded with the forerunner of a cooperative in 1995 in Klaten with a cattle fattening business. Then the company grew and started importing cattle from Australia. 90 percent of the company shares owned by PT Widodo Makmur Perkasa, Warsini 5 percent, and Wahyu Andi Susilo 5 percent.

The owner of the company is Tumiyana, a former CEO of PT Wijaya Karya Tbk (IDX: WIKA). Widodo Makmur has business units covering breeding farm, hatchery, commercial broiler farm, commercial layer farm, slaughterhouse, and feedmill in several facility locations spread across Java Island.

US$1: RP14,000

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