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Impack Pratama raises funds for expansion
Let the numbers speak: Indonesia Stock Exchange (IDX) president director Ito Warsito (right) points to the board displaying the dayâs five best bids at the bourse as PT Impack Pratama Industri president director Haryanto Tjiptodihardjo looks on, during the listing of Impack at the bourse on Wednesday
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Let the numbers speak:: Indonesia Stock Exchange (IDX) president director Ito Warsito (right) points to the board displaying the dayâs five best bids at the bourse as PT Impack Pratama Industri president director Haryanto Tjiptodihardjo looks on, during the listing of Impack at the bourse on Wednesday. (Antara/Audy Alwi) (IDX) president director Ito Warsito (right) points to the board displaying the dayâs five best bids at the bourse as PT Impack Pratama Industri president director Haryanto Tjiptodihardjo looks on, during the listing of Impack at the bourse on Wednesday. (Antara/Audy Alwi)
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span class="inline inline-center">Let the numbers speak: Indonesia Stock Exchange (IDX) president director Ito Warsito (right) points to the board displaying the day's five best bids at the bourse as PT Impack Pratama Industri president director Haryanto Tjiptodihardjo looks on, during the listing of Impack at the bourse on Wednesday. (Antara/Audy Alwi)
Building materials and plastics maker PT Impack Pratama Industri conducted its initial public offering (IPO) on Wednesday to raise funds to finance its expansion.
The company, recorded as the 21st publicly listed firm on the Indonesia Stock Exchange (IDX), expected to raise Rp 180 billion (US$14.17 million) by offering 150 million shares or 31.04 percent of its total equity post-IPO.
The company has obtained Rp 570.19 billion from the IPO on the back of a share-price increase during initial trading.
Impack Pratama Industri, listed under the code IMPC, appointed PT Ciptadana Securities as the underwriter for the IPO.
Impack Pratama Industri president director Haryanto Tjiptodihardjo said that around 36 percent of the funds raised from the IPO would be used to purchase a 6-hectare plot of land with a right to build (HGB) in Delta Silicon VIII, Lippo Cikarang in Bekasi, West Java as well as facility expansion.
The company purchased this year 10 ha in Delta Silicon VIII for further expansion.
Haryanto further said that 24 percent of the funds would be used by PT Unipack Plasindo, the company's subsidiary, to purchase a 4-ha plot of land in Delta Silicon VIII and relocate its previous facility in Karawang, West Java.
The company will use the remaining 40 percent of the funds raised for working capital to purchase raw and half-made materials as well as other purposes.
'The IPO is the start of our company becoming a better and more professional institution that will be able to make a positive contribution to society,' he said in his speech during the listing.
On Wednesday, IMPC's share price peaked at Rp 5,700, a 50 percent increase from the initial offering price of Rp 3,800, after it reached its lowest price of Rp 4,300 during early trading.
IMPC director Lindawati said the company aimed to increase its revenue by around 10-15 percent to
Rp 1.38 trillion by the end of the year.
Lindawati said the company was also aiming for net profit of around Rp 280-290 billion at the end of this year, an increase of 10 percent from the same period last year.
After the IPO, private companies PT Harimas Tunggal Perkasa and PT Tunggal Jaya Investama now control 33.69 percent each of IMPC's shares, while Haryanto Tjiptodiharjo 1.59 percent and the investing public 31.04 percent.
The company was established in 1981 and began its operations in 1982 with a business focus on manufacturing three segments of plastic products for building materials ' roofing, façade and other
substances.
According to its website, IMPC launched this year the production of premium aluminum composite panel, alcotuff and alcolite products, which are characterized by a stronger resistance to fire. The company has 2.5 million square meters installed capacity per year for the products.
The company also commenced this year the production of SealTuff, a high performance hybrid sealant based on Japanese technology with a total installed capacity of 1.2 million liter per year.
