JAKARTA. PT Graha Mitra Asia Tbk (RELF), a real estate and property developer, will arrange an initial public offering (IPO) of 1.2 billion shares.

The number of shares issued by RELF is equal to 20.95% of its issued and paid-up capital post-IPO. Each share has a face value of IDR 25, and will be offered for a price ranging between IDR 90 and IDR 100.

Assuming that the price will be set to IDR 100 per share, RELF potentially gains IDR 120 billion of fresh funds at the end of this corporate action.

RELF has appointed PT UOB Kay Hian Sekuritas as the lead underwriter for this IPO. The public offering will run from June 14 to 20, 2023, followed by the electronic distribution of those shares on June 21, 2023, while the listing on Indonesia Stock Exchange (IDX) has been scheduled to take place on June 22, 2023.

In the issued prospectus, RELF will utilise 22.92% of the IPO proceeds to acquire a piece of land in South Jakarta from an affiliated party. Then, another 46.67% will be allocated to acquire another piece of land in Bogor, also from an affiliate, leaving the remaining amount to enhance the working capital and operational expenditures of the company. (KR/ZH)