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Kirana Megatara eyes Rp 550b with go public plan
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A worker collects rubber latex from a plantation in Batam, Riau Islands. (Antara/Aditiya Pradana Putra)
C
span class="im">Crumb rubber processor PT Kirana Megatara expects to garner up to Rp 550 billion (US$41.2 million) in proceeds following its plan to go public next month.
The book-building period for the IPO runs from May 9 to May 26, while the offering runs from June 12 to June 14. The company will see its debut stocks traded at the Indonesia Stocks Exchange (IDX) on June 20.
The company plans to offer 150 billion newly issued common shares.
“The proceeds will depend on the share price. But, the company will offer the shares at between Rp 400 and 480 apiece,” director Jenny Widjaja said on Wednesday.
(Read also: Indonesia to barter French weapons with rubber)
The company, Jenny added, would allocate 58 percent of the proceeds to increase the company’s equity participation in its subsidiary firms, and another 12 percent to increase the company’s working capital.
The remainder of the proceeds will be used to pay back company debts.
The company aims to increase its annual output capacity from 720,000 tons per year in 2016 to 780,000 tons by the end of 2017. (hwa)
