JAKARTA - PT Imago Mulia Persada Tbk (LFLO), a household appliance company, allocated approximately IDR 25.92 billion or 86.41% of the proceeds from the initial public offering (IPO) to purchase supplies and marketing.
In the company's prospectus quoted on Tuesday (6/4), LFLO is targeting fresh funds of IDR 30 billion by issuing 300 million shares with an exercise price of IDR 100 per share. In addition to buying supplies, the proceeds from the IPO will be allocated to open a showroom unit and create an online platform.
LFLO management is optimistic that demand for furniture will grow in line with the development of the property sector and consumer purchasing power. The variety of furniture products is considered to encourage middle and upper class consumers to renew furniture for home, office or hotel.
As of September 2020, the company posted sales of IDR 22.89 billion, up from IDR 10.95 billion in the same period in 2019, and profits grew by 106.62% to IDR 1.52 billion from IDR 557.60 billion. (LK/LM)