JAKARTA - Indonesia Energy Corp Ltd is targeting to raise US$ 15 million in its initial public offering (IPO) on the New York Stock Exchange (NYSE) this week.

In a filing to the US Securities and Exchange Commission on July 30 2019, the company said that it estimates to raise US$ 23 million in IPO proceeds.

“We will allocate the majority of our IPO proceeds to finance the exploration of the Citarum Block as part of the company’s strategy to add and develop new reserves,” said the company in the filing as quoted by DealStreet Asia.

“The remaining proceeds will go towards funding the working capital and other corporate purposes.”

According to investment advisory firm Renaissance Capital IPO, Indonesia Energy is offering as many as 1.5 million shares at a price range of US$ 9 to 11 per share. Aegis Capital has been appointed as the lead underwriter in the corporate action. (MS)