JAKARTA. PT Planet Propertindo Tbk (PLAN) will offer its initial shares (IPO) on the Indonesia Stock Exchange (IDX), in order to raise Rp 30 billion.
The total shares to be offered by PLAN are equivalent to 30% of its issued and fully paid capital. The offering period will take place from 2-8 September 2020. The listing will be carried out on 15 September 2020.
For the IPO, PLAN appointed PT Indo Capital Sekuritas as the underwriter.
PLAN's management explained that 20% of the IPO proceeds would be used as working capital, to implement the company's development plan. The remaining 80% will be used for capital expenditure and working capital, particularly for infrastructure development and hotel interiors in Kelapa Gading, North Jakarta.
PLAN currently owns the Vue Palace hotel in Bandung, and operates its main business in the hospitality sector. As of the end of May 2020, the company's assets were recorded at Rp 58.48 billion. (KR/AR)