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Cap Tikus beer producer seeks to cater to foreign market after IPO
Homegrown alcohol beverage Cap Tikus producer seeks to expand production capacity and sell its product to overseas markets after successfully raising US$11.3 million from an initial public offering (IPO).
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Alcohol beverage Cap Tikus producer PT Jobubu Jarum Minahasa is listed under ticker BEER on Jan. 6, 2023 at the Indonesia Stock Exchange (IDX). (IDX/PR Team)
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omegrown alcohol beverage producer PT Jobubu Jarum Minahasa, known for its brand Cap Tikus, raised Rp 176 billion (US$11.3 million) from an initial public offering (IPO) on Friday, in a bid to expand its production and cater to foreign markets.
The company listed its stock ticker as BEER and sought to use the IPO fund to expand its production capacity by building a new factory and warehouse for raw materials and finished goods. The company said it would start selling its product abroad this year.
“Our initial plan, we looked at the Singaporean market and markets in other European countries. The plan in 2023 is to explore opportunities for export,” said Audy Charles Lieke, CEO of PT Jobubu Jarum Minahasa, speaking at the Indonesia Stock Exchange (IDX), as quoted by Kontan.
Read also: Global beer consumption rises in 2021
The company released 20 percent of its shares to the public, 800 million shares, priced at Rp 220 apiece. The issuance was oversubscribed by 20 times.
Cap Tikus' stock price has risen 11 percent to Rp 262 apiece as of Monday, a day after its IPO.
Foreign investors, such as those from China and India, have also acquired and expressed interest in being among the firm’s shareholders, according to the company’s statement.
