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Production house Tripar Multivision Plus raises Rp 217b in IPO
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PT Tripar Multivision Plus founder and president commissioner Raam Punjabi speaks at the Indonesia Stock Exchange event for the initial public listing of this company on May 8, 2023. (Instagram/mvpentertainment_id/-)
Indonesia’s leading movie production company, PT Tripar Multivision Plus, has listed on the Indonesia Stock Exchange (IDX).
Before its shares began trading on Monday, the company raised Rp 217.43 billion (US$14.82 million) in the initial public offering (IPO).
Tripar Multivision Plus released 929.2 million shares, 15 percent of its issued capital, at Rp 234 apiece.
With the IPO, the company is looking to “increase capital for business expansion and strengthen its position in the movie industry”, according to a statement released by the company on Monday.
“The company’s move to list [on the IDX] through an IPO is part of an effort to increase the company’s funding capacity and [to improve] the management […] we are optimistic about the prospects of the movie business run by the company,” Tripar Multivision Plus president director Whora Anita Ragunath explained in the statement.
The production house’s shares are traded on the bourse under the ticker symbol “RAAM”, in reference to movie business mogul Raam Punjabi, who founded and controls the company.
On the first trading day, RAAM rose by 29.7 percent to Rp 292 shortly after the market opened.
