JAKARTA. PT Hillcon Tbk (HILL) is gearing up towards its Initial Public Offering (IPO), putting 2.21 billion shares out in Indonesia Stock Exchange (IDX), which are equivalent to 15% of its issued and paid-up capital.
Each new share of HILL is valued at IDR 20. Therefore, with the plan to offer these shares for IDR 250-400 each, HILL is on its way to collect fresh funds of IDR 884.6 billion in total during its IPO.
The bookbuilding phase of HILL’s IPO is set to last until June 29, 2022, followed by the public offering phase from July 14 to 18, 2022. Then, the listing will conclude the process on July 20, 2022.
HILL has appointed PT BRI Danareksa Sekuritas, PT Mirae Asset Sekuritas Indonesia, and PT Sucor Sekuritas as the executive underwriters. Meanwhile, other underwriters will be revealed soon.
In the prospectus, HILL announces its plan to utilise approximately 55% of IPO proceeds to improve its working capital. Then, the remaining 45% will be used to enhance its capital expenditure budget.
For more context, HILL was established in 2008 under the name PT Hillcon Investama. Currently 81% of HILL’s shares are under the control of PT Hillcon Equity Management, while another 19% belongs to PT Bukit Persada Indonesia. (KR/ZH)