JAKARTA. The shares of PT Estetika Tata Tiara Tbk (BEEF) was oversubscribed by 86.11 times from the pooling portion during the public offering period. The meat processing company will conduct its Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX) on 10 January.
John Octavianus, Head of Investment Banking of UOB Kay Hian Sekuritas said that the public already knew the company's profile well. As the securities issuance guarantor, he said that the number of demand for BEEF shares exceeded the number of shares that would be offered at the IPO later.
"KIBIF's IPO (BEEF) is attractive, the public interest is very good because this industry is well-known by the community," Octavianus said in his official statement on Wednesday (9/1).
BEEF released 376,862,500 shares in its first listing. The value is equivalent to 20% of the total issued and fully paid capital. Thus, BEEF will receive Rp. 128.13 billion from the IPO. (KR/AR)