JAKARTA - A company engaged in aquaculture, PT Panca Mitra Multiperdana today (23/11) held a public expose and due diligence meeting in connection with the company's plan to conduct an initial public offering (IPO).

The company plans to release 667,500,000 shares to the public or 25.023% of the total issued and fully paid-up capital after the IPO. The IPO offering price is in the range of Rp 336 - Rp 450 per share,therefore the company has the potential to reap fresh funds of Rp 224 billion to Rp 300 billion.

About 25% of the IPO proceeds will be used for capital expenditures in the form of construction of a new factory (factory 8), as well as the purchase of machinery and supporting facilities to increase the production of pre-fried breaded products. Then, about 60% will be used for the construction of a new factory (factory 9), as well as purchasing machines and supporting facilities to increase the production of cooked shrimp rings, breaded and tempura products. The remaining 15% will be used as working capital to purchase raw materials for shrimp and other raw materials for the company's production.

In this IPO, the company appointed PT Sinarmas Sekuritas and PT Mirae Asset Sekuritas Indonesia as underwriters. Listing on the IDX is planned for 15 December. (LM)