JAKARTA - PT Sejahtera Bintang Abadi Textile Tbk (SBAT) has been officially listed on the Indonesia Stock Exchange (IDX) as of April 2020. The textile company is the 21st issuer to make a stock exchange debut in 2020.
In its initial public offering (IPO), SBAT released 425 million shares with an offering price of Rp 105 per share. In addition, the company also issued Series I Warrants with an implementation period of three years which will take place six months after the listing.
The company’s IPO period lasted from April 1 to 3, with its shares experiencing an oversubscription by 1.42 times of the total offering. PT Victoria Sekuritas Indonesia and PT Surya Fajar Sekuritas acted as lead underwriters in the corporate action.
According to an official statement received by IDNFinancials.com on Wednesday (8/4), SBAT will use 78.55% of its IPO proceeds as capital expenditure (capex) to purchase machinery, while the remaining 21.45% will be used as working capital to purchase raw materials and other necessities. (MS)