JAKARTA – PT Ace Oldfields Tbk (KUAS), a paint manufacturer, recorded an oversubscription of 41.34 times the offered pooling portion or 11.6 times the company’s total orders during the initial public offering last week (21/10). Director of Investment Banking of PT NH Korindo Sekuritas Indonesia, the underwriter of KUAS’s IPO, Amir Suhendreo Samirin, announced this achievement in the press release after its initial public listing in Indonesia Stock Exchange earlier today (25/10).
According to Samirin, this oversubscription of KUAS’s shares during the IPO had been predicted. “It is a joyous situation in the Indonesian capital market as the investors show high interests towards IPO shares. It creates a positive climate within the Indonesian economic condition, particularly in the capital market,” he further stated.
In the said IPO last week (18-21/10), KUAS offered 390 million shares of IDR 195 each. In this corporate action, the company raised IDR 76.05 billion in total, 61.31% of which was allocated to the working capital, while the remaining portion was spent on land and building acquisition in Bogor, West Java.
Josef Kandiawan, President Director of Ace Oldfields, believed that the high interest of investors towards his company’s debut reflected the hope and trust they had in the local capital market.
Prior to IPO, KUAS’s authorised capital amounted to IDR 160 billion, issued and paid-capital IDR 45.12 billion, and stock in portfolio IDR 114.87 billion. The shareholders consisted of Grace Capital Investment Ltd (Grace) 39.10%, PT Anugrah Prima Investama (API) 21.28%, PT Bona Deka Java (BDJ) 13.04%, PT MDR Rukun Damai Mandiri (MDR), PT Nur Sangkara Kamarta (NSK), and Jatra Jaya Sena (JJS) of 6.60% each, PT Dinamika Nuansa Abadi (DNA) 4.30%, and PT Purnama Pradana Usaha (PPU) 3.30%.
After the IPO, KUAS’s issued and paid-up capital proliferates to IDR 64.28 billion, while its stock in portfolio drops to IDR 95.37 billion. The current shareholders are Grace 27.30%, APJ 14.86%, BDJ 9.11%, MDR and NSK 4.61% each, JJS 4.19%, DNA 2.85%, PPU 2.30%, and public investors 30.17%. (LK/ZH)