JAKARTA - PT Itama Ranoraya is targeting initial public offering (IPO) proceeds amounting to Rp 150 billion. In the corporate action, the company will release as many as 400 million shares or 25% of its placed and paid-up capital, with PT Mirae Asset Sekuritas and PT BNI Sekuritas as lead underwriters.

According to Mirae Asset Sekuritas Investment Banking Director Mukti Wibowo Kamihadi, Itama’s offering price has been set in the range of Rp 315-375 per share. The price range projects the company’s price earning ratio (PER) of 10.94-13.03 times in 2020.

“The company’s PER is quite attractive and this gives enough room for investors to make a profit,” said Mr Kamihadi as quoted by Bisnis.com, Thursday (12/9).

Itama’s bookbuilding period is taking place from September 11-18, 2019, while the offering period is scheduled on October 1-4. The company is expected to be officially listed on the Indonesia Stock Exchange (IDX) on October 10. (MS)