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MMIX’s shares got oversubscribed 175 times

06 December 2022 11:04

JAKARTA – PT Multi Medika Internasional Tbk (MMIX) recorded an oversubscription of 175.49 times during its initial public offering (IPO) from November 30 to December 2, 2022. In this corporate action, MMIX offered 600 million shares for IDR 190 each.

Mukti Wibowo Kamihadi, Deputy Director of Investment Banking of PT Mirae Asset Sekuritas, claimed that there were 34,700 orders from institutional and retail investors being recorded in the e-IPO system. “The business scene in which MMIX is involved is deemed unique and having good prospects as it is projected to be the leader of the private label market in Indonesia,” he explained during the public listing in Indonesia Stock Exchange (IDX) on Tuesday (6/12).

MMIX is the holder of K-pop-related intellectual property licenses, including an upcoming official K-pop flagship store in Bumi Serpong Damai in 2023 and another one in Pantai Indah Kapuk (PIK) 2 in 2024.

According to Kamihadi, out of the price range announced during its bookbuilding phase of IDR 160 to IDR 210 per share, MMIX has set the official IPO price to IDR 190 per share. It matches the valuation of P/E of 8.5x, while using MMIX’s net income of 2023. For the record, the P/E arrives below the average of peer industries.

Mengky Mangarek, President Director of MMIX, revealed that the proceeds of the IPO clock up to IDR 114 billion, 65% of which will be allocated to the working capital, leaving the remaining 35% to IP distribution and logistic services.

PT Multi Inti Usaha (MIU) is the controller of 60% of MMIX and owned by Mengky Mangarek and Eveline Natalia Susanto. (LK/ZH)

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