HOPE pockets IDR 100.49 billion from IPO
JAKARTA – PT Harapan Duta Pertiwi Tbk (HOPE) scores IDR 100.49 billion during its initial public offering (IPO) held last week. In its stock market debut on Monday (24/5), this car body manufacturer lists 2,129,167,000 units of shares.
Kevin Jong, the President Director of Harapan Duta Pertiwi, claimed that the IPO funds would be used to purchase raw materials for vehicles’ bodies and improve the factory’s infrastructure. “This infrastructure refers to the reparation of hoist crane installation area and the purchase of production machines,” Jong addressed in a press conference.
Last week, HOPE issued 851,667,000 shares with IDR 118 each. This IPO went oversubscribed more than 100 times during its offering period.
According to Jong, it indicates the investors’ enthusiasm towards HOPE’s stock. In addition to the stock offering, HOPE also issued 425,833,500 Series I warrants, with the ratio of 2:1 of shares to warrant. (LK/ZH)