JAKARTA. PT Widiant Jaya Krenindo Tbk (WIDI), a heavy equipment operator and service provider, will carry out an Initial Public Offering (IPO) of 400 million shares.

The number of shares to be offered is equivalent to 25% of WIDI's issued and paid-up capital after the IPO. Each share has a nominal value of IDR 5 and will be offered at prices ranging from IDR 100 to IDR 115 per share.

Assuming an offering price of IDR 115 per share, WIDI has the potential to reap fresh funds of up to IDR 46 billion from the IPO.

WIDI's public offering period is scheduled for 3-5 July 2023. Share distribution is scheduled for July 6 2023 and share listing on the Indonesia Stock Exchange (IDX) on July 7 2023.

WIDI has appointed PT Artha Sekuritas Indonesia as the underwriter for the issuance of this corporate action. Meanwhile the underwriters will be announced in the near future.

According to idnfinancials.com data, WIDI plans to allocate most of the proceeds from the IPO to buy heavy equipment from third parties. The addition of heavy equipment is in line with the company's plan to increase capacity and business diversification.

In addition, the company will also use part of the IPO funds to fund the company's operational needs. This includes payment of salaries and employee benefits, working capital, and the cost of overhauling the company's heavy equipment fleet. (KR/LM)