GRIA - PT. Ingria Pratama Capitalindo Tbk

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JAKARTA - PT Ingria Pratama Capital Tbk (GRIA) seeks fresh funds of IDR 207 billion via initial public offering (IPO) of 1.72 billion shares. The majority of the IPO proceeds are allocated to pay off debts regarding land acquisition.

Quoted from the short prospectus today (4/8), the company is said to be at the end of its public offering, which started on August 2. The number of shares offered is equal to 26.24% of its total issued and paid-up capital. Meanwhile, the IPO price is set to IDR 120 per share.

The management of GRIA allocates 73.39% of the IPO proceeds, amounting to IDR 151.92 billion, to pay off third party loans regarding the land acquisition for housing project development. Another IDR 35.07 billion will be utilised as working capital for a housing project in Samarinda, leaving the remaining IDR 20 billion for the operational activities.

Then, GRIA will also issue 800.72 million common shares in regard to Mandatory Convertible Loans to Khufran Hakim Noor (KHN), the controlling shareholder of the company. The principal value of this Mandatory Convertible Loans reaches IDR 96.08 billion.

As of now, GRIA’s authorised capital is IDR 19.4 billion, while its issued and paid-up capital is IDR 4.85 billion, and the stock in its portfolio reaches IDR 14.55 billion. The shareholder structure consists of KHN of 48.49%, Arvan Rivaldy Siregar of 36.22%, Anwal Arif Pamungkas of 6.17%, Rustiana Irwati of 6.07%, as well as Moch Dody Supriyadi and Irwansyah Hakim Noor of 1.30% each. (LK/ZH)