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Boba King to debut in the stock exchange, aiming IDR 39 billion

11 October 2021 10:39

JAKARTA. PT Formosa Ingredient Factory Tbk (BOBA) gears up for its initial public offering (IPO) in Indonesia Stock Exchange. This debut is intended to strengthen the working capital structure and support its business expansion.

In the previously released prospectus, it was said that BOBA’s total shares to be released to the public amount to 140 million shares, equal to 12.11% of its issued and paid-up capital. The face value of each share is IDR 50. Thus, offering them for IDR 250 to 280 each would allow the company to gather IDR 35 billion to 39.2 billion of fresh funds by the end of this debut.

The initial offering period is scheduled from October 5 to 11, 221. Then, the public offering would take place the next week, from October 22 to 28, 2021. Then, the recording in Indonesia Stock Exchange would follow on November 1, 2021.

As of October 5, 2021, 28.35% of BOBA’s shares are controlled by Hengky Wijaya. Then, PT Kurniamitra Duta Sentosa (KMDS) owns another 26.89%, while Texture Maker Enterprise Co Ltd claims another 25.20%.

PT Victoria Sekuritas Indonesia had been assigned as the underwriter. In the recently released financial report, BOBA was said to have assets of IDR 104.19 billion as of August 31, 2021. Then, it was also revealed that by the total sales of IDR 46.7 billion throughout January-August 2021, BOBA managed to score IDR 11.31 billion in net profit. (KR/ZH)

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