JAKARTA. PT Mitra Angkasa Sejahtera Tbk (BAUT), a company engaged in metal trading for constructions, arranges its initial public offering (IPO) of 1.45 billion shares to raise funds of IDR 159.5 billion at most.
The entire shares released in the IPO would be equal to 30.21% of BAUT’s issued and paid-up capital. Each share is valued at IDR 10 and will be offered for IDR 100 to 110 per share.
In the released prospectus, 6% of the IPO proceeds are said to be utilised by BAUT to pay back some debts. They include debts to its supplier, also acting as BAUT’s controlling shareholder, NA Fasteners Pte Ltd.
In the meantime, the rest of the IPO proceeds would be channelled out to BAUT’s working capital, including to stock up on the new products. Should there still be a money shortage, the company would draw up funds from its internal cash.
BAUT has appointed PT UOB Kay Hian Sekuritas as its executive underwriter. Then, other underwriters would be soon announced.
The public offering period of BAUT’s shares would take place from January 20 to 25, 2022. The electronic distribution of the shares is scheduled for January 26, 2022, while the listing on Indonesia Stock Exchange (IDX) would follow on January 27, 2022. (KR/ZH)