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Debuting, Teladan Prima Agro seeks IDR 1.32 trillion

18 March 2022 09:10

JAKARTA. PT Teladan Prima Agro Tbk (TLDN), a palm plantation company, plans to issue 2.19 billion shares during the initial public offering (IPO) in Indonesia Stock Exchange (IDX) in April 2022.

The number of newly issued shares will be equivalent to 15% of its issued and paid-up capital after the IPO. Each share will be worth IDR 100 and offered for a price ranging from IDR 520 to IDR 600 each. With this estimated price, the company might potentially raise IDR 1.32 trillion of fresh funds by the end of the corporate action.

In the published prospectus, TLDN is said to utilise 25% of IPO proceeds to acquire palm processing companies. Then, another 46% will be channelled to speed up the bank debt payment, while the remaining 31% will be spent on subsidiaries’ needs.

The bookbuilding stage of TLDN’s IPO will last from March 17 to 25, 2022. Meanwhile, the main public offering will occur on April 3-7, 2022, followed by the recording on IDX on April 11, 2022.

TLDN also has assigned PT BNI Sekuritas and PT CIMB Niaga Sekuritas as the lead underwriters, while the public waits for other underwriters to be announced.

For ther record, 66.02% of TLDN is under the control of PT Teladan Resources. Then, Ahmad Gunung and Wishnu Wardhana each hold 16.90% of the shares, leaving 0.18% to Wiwoho Basuki Tjokronegoro. (KR/ZH)

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