JAKARTA. PT Xolare Rcr Energy Tbk (SOLA), an asphalt wholesale and construction service company, will offer 656.25 million shares via Initial Public Offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares offered by SOLA is equal to 20% of its issued and paid-up capital post-IPO. Each share has a face value of IDR 20, and will be offered for a price ranging from IDR 100 to IDR 110 per share.

Assuming that the IPO price is set to its highest limit, of IDR 110 per share, SOLA will potentially end up with fresh funds of IDR 72.18 billion from IPO.

SOLA has assigned PT UOB Kay Hian Sekuritas as its lead underwriter. The book building is set to last until April 19, 2024. Then, the public offering will follow from April 30 to May 3, 2024, before the listing on the stock exchange scheduled on May 7, 2024.

As of October 31, 2023, SOLA recorded total assets of IDR 87.33 billion and total equity of IDR 71.68 billion. The company’s revenue was recorded at IDR 48.5 billion, and the net profit arrived at IDR 1.94 billion,

As of now, 72.38% of SOLA is under the control of PT Energi Hijau Investama. PT Xolabit Terminal Bitumen has another 11.73%, followed by PT Asha Raharja Persada of 9.91%, Mochamad Bhadaiwi of 3.39%, and Imam Buchairi of 2.59%. (KR)