JAKARTA. PT Citra Borneo Utama Tbk (CBUT), a company under PT Sawit Sumbermas Sarana Tbk (SSMS), will make its debut through its intiital public offering of 625 million shares.
The number of shares to be publicly offered by CBUT is eqial to 20% of its issue and paid-up capital after IPO. Each share has a value of IDR 100.
In the book building prospectus, the execution price of IPO is set to range between IDR 690 and IDR 1,280 per share. Therefore, CBUT potentially secures fresh funds of IDR 800 billion at most.
CBUT plans to utilise approximately 54% of the IPO proceeds to enhance its refinery capacity and improve its infrastructure. The rest of the proceeds will be spent on increasing the working capital, including raw materials purchase.
For the record, CBUT is running a business that focuses on the refinery, fractionation, and trading of palm products and their derivatives. The company was established in 2013 and had conducted tradings in both domestic and international markets.
The book building of CBUT’s shares is scheduled to take place from October 13 to 19, 2022, followed by the main event of the public offering from October 31 to November 2, 2022. Lastly, the recording on Indonesia Stock Exchange (IDX) is set to November 4, 2022. (KR/ZH)