JAKARTA - PT Itama Ranoraya Tbk. officially listed its shares on the Indonesia Stock Exchange (IDX) with "IRRA" stock code.
In its IPO, IRRA released 400 million shares at a price of Rp 374 per share. During the IPO, IRRA obtained Rp149.6 billion.
At one moment, the price of IRRA shares actually rose by 49.73% to the level of Rp 560 / share.
Itama Ranoraya's shares were traded 46 times with a total transaction value of Rp 1.34 billion. At present, the market capitalization value of Itama Ranoraya on the IDX is Rp 896 billion.
President Director of PT Itama Ranoraya, Teten W Setiawan, said that 60% of the funds obtained in the IPO will be used to develop the company's branch office network in several cities in Indonesia. The remaining 40% will be used as the company's working capital.
"Hopefully in the future, the opening of branch offices in several cities in Indonesia can be realized gradually, if this is considered more profitable rather than using sub-distributors, given the current potential of the company's products in the market in various regions is still quite extensive," he said on Tuesday (15/10). (ARM/AR)