JAKARTA. PT Avia Avian Tbk, the company behind Avian paint, would begin its initial public offering (IPO) by issuing 6.2 billion shares, targeting to reach IDR 5.76 trillion of fresh funds by the end of it.
Based on the prospectus released on one of the local media earlier today (12/11), the shares to be publicly offered by Avian are face-valued at IDR 10 each. The entire shares would represent 10% of the issued and paid-up capital of the company after IPO. The offering price is set to IDR 780-IDR 930, thus enabling Avian to earn IDR 5.76 trillion at most.
Next, 54.50% of the IPO proceeds would be utilised to enhance the working capital, while 18.20% would be channelled as additional capital of PT Tirtakencana Tatawarna to fund its working capital. Then, another 13.30% of the proceeds would be spent on paying back principal bank debts and subsidiary debts, while 14% would be set aside for the capital expenditure, establishing the third manufacturing facility in Cirebon and maintaining existing manufacturing plants and distribution centres.
In its IPO, Avian appoints PT Mandiri Sekurtias as the lead underwriter, while other underwriters would be PT UBS Sekuritas Indonesia and PT Credit Suisse Sekuritas Indonesia.
As of May 31, 2021, the financial report revealed that Avian recorded net sales of IDR 2,70 trillion, climbing 32.3% year-on-year (yoy) from IDR 2.04 trillion. Moreover, the net profit proliferated 101.07% to IDR 603.46 billion from IDR 300.12 billion reported in the same period last year. (AM/ZH)