Cahaya Bintang Medan to make stock market debut on April 14
JAKARTA - PT Cahaya Bintang Medan will debut on Indonesia Stock Exchange on April 14. The company which is engaged in the furniture processing and trading industry will conduct an initial public offering (IPO) with an offering price of Rp 160 per share.
The company plans to release 375 million new shares which is equivalent to 20% of the total issued and fully paid capital. Cahaya Bintang has the potential to reap fresh funds of up to Rp 60 billion.
As reported by Kontan, the company plans to use 52% of the IPO funds to buy machines. Meanwhile, the remaining 48% will be used for working capital, mainly for purchasing raw materials.
For information, Cahaya Bintang Medan appointed PT Indo Capital Sekuritas and PT Semesta Indovest Sekuritas as IPO underwriters. The public offering period is scheduled for April 3-6, 2020. (LM)