JAKARTA – The order for PT Formosa Ingredient Factory Tbk’s (BOBA) shares got oversubscribed 2.63 times out of the total offer or 5.25 times the pooling allotment. It was reported in the book-building data recorded from October 5 to 11, 2021. President Director of Victoria Sekuritas Indonesia, Yunita Sugiarto, announced the news in the press release after recording the initial shares of BOBA in Indonesia Stock Exchange (IDX) today (1/11).
Sugiarto expressed her optimism in BOBA’s business prospect in the future, seeing the positive trend of the food and beverages business in Indonesia, supported by middle-class consumptive demands. “Middle-class demands become a positive catalyst to the food and beverages sales procured by the company,” she added.
During the public offering period of BOBA from October 26 to 28, 2021, BOBA released 140 million shares, collecting fresh funds of IDR 39.2 billion in total. These funds would be utilised to fund the working capital to purchase raw materials, boost marketing, and expand the distribution network.
Prior to IPO, BOBA’s authorised capital reached IDR 200 billion, issued and paid-up capital IDR 50.78 billion, and stock in portfolio IDR 149.21 billion. After this corporate action, its issued and paid-up capital rose to IDR 57.78 billion while stock in portfolio depleted to IDR 142.21 billion. (LK/ZH)