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Five years of IPO debut, Prodia Widyahusada realised only 66% of the proceeds

11 January 2022 13:17

JAKARTA. The realisation of the proceeds raised during its initial public offering (IPO) of PT Prodia Widyahusada Tbk (PRDA) only reached IDR 814.41 billion or 66% of the total target set in the prospectus.

Liana Kuswandi, Director of PRDA, said that IDR 70.12 billion of the IPO proceeds had been allocated to the public offering fees. Then, another IDR 511.72 billion went to the outlet network expansion, while another IDR 145.24 billion were used to increase service quality and IDR 87.33 billion to the company’s operational capital.

In comparison, in the IPO prospectus released back in 2016, PRDA planned to allocate IDR 767 billion to the outlet network expansion, IDR 217.5 billion to enhance service quality, and IDR 160.3 billion to support its working capital.

As of December 31, 2021, the remaining IPO proceeds of PRDA amounted to IDR 404.34 billion, which equalled 34% of the total raised funds during the IPO.

Currently, the proceeds of PRDA’s IPO are placed in PT Bank Danamon Indonesia Tbk (BDMN) in deposits of IDR 400 billion. Then, the rest of them are saved in current accounts of IDR 4.34 billion.

Based on idnfinancials.com data, PRDA scored revenue of IDR 752.29 billion by the end of September 2021 (9M 2021). The said amount was 38.09% higher year-on-year (yoy). It also drove the net profit up by 56.33% yoy to IDR 210.06 billion. (KR/ZH)

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