JAKARTA - PT Ginting Jaya Energi Tbk's (WOWS) shares have been oversubscribed by 30.9 times based on bookbuilding results during its IPO. On Friday (8/11), the company made its debut on the stock exchange with the code "WOWS".
As quoted from the company's press release, WOWS obtained Rp 337.5 billion in the IPO. In the corporate action, the company released 750 million shares at a price of Rp 450 per share.
Jimmy Hidayat, Chief Executive Officer (CEO) of Ginting Jaya Energi Tbk, said 63.56% of the IPO funds will be used for business development.
"Also for the purchase of fixed assets to support operations of 16.74% and the repayment of part of the leasing debt with third-party finance companies of 13.06%," he said.
According to him, the company's revenue is expected to rise by 1.5 times in 2020, while its net profit is expected to rise by 250%. (LK/AR)