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Glove mold manufacturer eyes up to Rp 48 billion from IPO
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Panin Sekuritas director Prama Nugraha (left) and PT Mark Dynamics Indonesia (MDI) CEO Yeoh Sek Boon (Second Left) show a glove mold produced by PT MDI, along with PT MDI independent director Ridwan (second right) and chief financial officer Poh Seng Hiap during a press conference at the Indonesia stock exchange (IDX) in Jakarta on June 6. (JP/rdi)
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atex-glove mold manufacturer, PT Mark Dynamics Indonesia, announced on Tuesday its plan to raise between Rp 32 billion (US$2.4 million) and Rp 48 billion from an initial public offering (IPO) that will be slated for the later this year.
The company, which claims to be the largest ceramic glove mold supplier in the world, plans to offer 160 million shares representing 21.05 percent of its total shares.
The company’s chief executive officer, Yeoh Sek Boon, said the 32.4 percent of the IPO proceeds would be used to expand its business, while the rest would be used to repay the company’s debt to PermataBank.
“We will expand our business by acquiring new land and constructing new buildings. In 2021, we project that through the expansion, we can produce 645,000 units of hand molds per month,” he said, adding that currently the company produced 420,000 hand molds per month.
The company has appointed Panin Sekuritas as the underwriter. The book-building period started on June 2 and will last until June 8.
Panin Sekuritas director Prama Nugraha said the shares would be sold between Rp 200 and Rp 300 apiece.
“The company’s product is unique and can be a new thing for investors. We’ve determined that the price range for the shares is reasonable after examining the company’s financial report and its increasing production,” Prama said. (rdi/bbn)
