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Cimory raises Rp 3.66t in ADB-backed IPO
Milk producer PT Cisarua Mountain Dairy, better known as Cimory, has raised Rp 3.66 trillion in its initial public offering.
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PT Cisarua Mountain Dairy (Cimory) president director Farell Sutantio (left) and president commissioner Bambang Sutantio pose for the dairy company’s IPO, which was held in Jakarta on Dec. 6, 2021. (PT Cisarua Mountain Dairy/PT Cisarua Mountain Dairy)
Milk producer PT Cisarua Mountain Dairy, better known as Cimory, has listed its shares on Indonesia’s stock exchange.
Cimory, which was established in 1993, raised Rp 3.66 trillion (US$2.54 million) with 1.19 billion shares sold at Rp 3,080 apiece in its initial public offering (IPO). The shares account for 15 percent of the company’s capital.
“This IPO is a historic moment for our company, where we transform from a family company into a public company that has a strong commitment to good governance and focus on sustainable growth,” Bambang Sutantio, the founder and president commissioner, said at the IPO ceremony at the Indonesia Stock Exchange (IDX) on Monday.
Domestic fresh milk production in Indonesia increased 0.33 percent to 947,685 tons in 2020, reversing a contraction in the preceding year, Statistics Indonesia (BPS) data show.
Read also: Milk producer Frisian Flag Indonesia to build new $265m factory
Cimory, which trades under the ticker symbol CMRY, plans to spend one third of the fresh funds to increase its production capacity through improved properties, factories and tools.
The dairy firm plans to spend another 15 percent of the funds to expand its distribution channels by adding new stores and hiring more sellers under its Miss Cimory program. The company has earmarked another 7 percent of the funds for daily operations.
