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United bicycle distributor aims to score IDR 54.97 billion in its IPO

16 February 2022 07:24

JAKARTA. PT Sepeda Bersama Indonesia Tbk (BIKE), a bicycle distributor under the name United Bike and Avand, plans to debut its initial public offering (IPO) of 323.33 million shares to raise fresh funds of IDR 54.97 billion at most.

These new shares will be offered for IDR 160-170 each, as listed on the initial prospectus. All new shares are common shares taken out of BIKE’s stock portfolio.

Intendedly, all the proceeds gained by BIKE during this IPO will be channelled to the working capital, including purchasing supplies. However, if it were not sufficient, the company would opt to use its internal cash.

BIKE has appointed PT Trimegah Sekuritas Indonesia Tbk (TRIM) as the underwriter. The bookbuilding phase will begin on February 15 and end on February 24, 2022. Then, the public offering will presumably take place from March 14 to 17, 2022. While the emission date is scheduled for March 18, 2022, the listing on Indonesia Stock Exchange (IDX) is set to March 21, 2022.

Based on idnfinancials.com data, BIKE was established in Tangerang back in 2017. With its main business being bicycle distribution, the company managed to establish 319 stores located across Indonesia, from Java, Bali, Sumatra, Kalimantan, and Papua.

As of September 30, 2021, BIKE’s total assets reportedly reached IDR 124.78 billion. Meanwhile, its total equity amounted to IDR 49.77 billion. (KR/ZH) 

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