JAKARTA - PT Griptha Putra Persada Tbk (GRPH) has set the initial offering price for 200 million shares at IDR 103 per share. In the corporate action which will take place from Friday (12/1) to next week (16/1), this hotel issuer is targeting fresh funds of IDR 20.6 billion.

In a brief prospectus quoted on Friday (12/1), the composition of the use of proceeds from the initial public offering (IPO) was approximately 48.76% for improving hotel facilities, 43.75% for working capital, and the remaining 7.49% for opening and leasing The Flamexpress outlet. Of the allocation for improving hotel facilities, 77.45% will be used to purchase hotel equipment and the remainder will be purchased for meeting equipment, fitness equipment and four-wheeled vehicles to transport hotel guests.

After the IPO, GRPH's issued and paid-up capital will iincrease 20% to IDR 25 billion from IDR 20 billion. The owner structure, namely, PT Mulia Jaya Palma (MJP) decreased to 79.60% from 99.50%, Samuel Jeffrey Christiawan Soegeng to 0.40% from 0.50%, and public ownership to 20% from previously nil (0%). The authorized capital was recorded at IDR 80 billion and the number of portfolio shares decreased to IDR 55 billion from the previous IDR 60 billion.

As of July 2023, GRPH's revenue increased to IDR 14.72 billion from revenue in July 2022 of IDR 11.64 billion, gross profit of IDR 7.84 billion, up from the previous IDR 5.43 billion, and current profit of IDR 1.43 billion, from a loss of IDR 70.99 million. (LK/LM)