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BAUT uses lower price limits for its IPO, offering shares at IDR 100 each

21 January 2022 09:30

JAKARTA. PT Mitra Angkasa Sejahtera Tbk (BAUT) has fixed the price used for the newly issued shares in the Initial Public Offering (IPO) at the lower limit specified during the book-building stage of IDR 100 per share.

Currently, 1.45 billion shares of BAUT have been registered in the Indonesia Central Security Depository (lit. Kustodian Sentral Efek Indonesia/KSEI). Based on the official statement received by idnfinancials.com, each share has a face value of IDR 10.

Thus, with the offering price of IDR 100 per share, BAUT will only potentially gain fresh funds of IDR 145 billion in IPO, whereas initially, it was predicted to secure IDR 159.5 billion in IPO should BAUT proceed with the higher offering price of IDR 110 per share.

The public offering period of BAUT’s shares started today (21/1) and will end on January 26, 2022. The electronic distribution of the shares will follow on January 27, 2022, while the listing on Indonesia Stock Exchange (IDX) will take place on January 28, 2022.

BAUT has appointed PT UOB Kay Hian Sekuritas as the executive underwriter and the underwriter in this IPO. As announced in the prospectus, BAUT plans to allocate 6% of IPO proceeds to pay its debts to the supplier. The remaining proceeds will be spent on acquiring supplies.

For the record, BAUT is a large-scale metal products trading company that focuses on construction materials, like nuts and bolts, established in 2012. In 2016, the company initiated a partnership business under the name RJ Steel. The products offered by this company include PATTA, PTA, fastfix, YFS, Snap Fasteners, Unison, and others. (KR/ZH)

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