Insider Stories - PT Dwi Aneka Jaya Kemasindo, a company that is involved in printing and packaging businesses plans to sell its 30 percent stake via an initial public offering to raise up to Rp 353 billion.

Dwi Aneka's President Director Andreas Karwandi told journalists in Jakarta that the company plans to sell 642.8 million shares at an indicative offering price of Rp 425 to Rp 550 a piece. According to The Insider Stories calculation, that would means for proceeds of Rp 273 billion to Rp 353 billion.

He said the offering period is slated from December 6-10, while the underwriter would be NISP Sekuritas.
Andreas said sixty percent of the funds raised from the IPO will be allocated to fund working capital, while the remaining will be spent on investment in machineries.

Dwi Aneka has established its service among top Indonesian companies, as its loyal customers include pharmaceutical firm PT Kalbe Farma Tbk and consumer giant PT Mayora Indah Tbk.

The company's long standing customers include biscuit and candy maker Mayora Indah, donuts and coffee company J.Co and pharmaceutical company Kalbe Farma.