JAKARTA. PT Hoffmen Cleanindo Tbk (KING), a cleaning service and security service provider, is now resuming its debut plan in Indonesia Stock Exchange (IDX) through an initial public offering (IPO) that has been held up since last June.

According to the prospectus, the number of shares issued by KING will reach 520 million units. They are higher than the initially planned issuance of 330 million units of shares as announced in its book-building phase.

The IPO price has set to a range that falls between IDR 115 to IDR 130 per share, lower than the initial price set in the book-building phase from IDR 165 to IDR 170 per share.

Assuming that the offering price is set to the highest range of IDR 130 per share, KING might potentially gain IDR 67.6 billion of fresh funds at the end of this corporate action.

The public offering of KING will last from February 9 to 13, 2023, followed by the shares distribution on February 13, 2023. The public listing will take place on February 15, 2023.

KING has assigned PT NH Korindo Sekuritas Indonesia as the lead underwriter, while other underwriters will be announced in the near future. (KR/ZH)