The firm plans to channel the funds into the construction of the Nusantara International Convention and Exhibition (NICE) center, which is scheduled to open its doors in September this year.
T Bangun Kosambi Sukses, a subsidiary of Pantai Indah Kapuk (PIK) 2’s developer, raised Rp 2.3 trillion (US$141.3 million) through an initial public offering (IPO) on Monday.
The firm plans to channel the funds into the construction of the Nusantara International Convention and Exhibition (NICE) center, which is located in the PIK 2 area in Tangerang Regency, Banten. The convention center is scheduled to open its doors in September this year.
Listed under the ticker symbol CBDK on the Indonesia Stock Exchange (IDX), the company offered 566.9 million new shares, accounting for 10 percent of its total outstanding shares, at an initial price of Rp 4,060 apiece.
Its stock price surged by 25 percent to Rp 5,075 per share on its debut trading day.
The firm’s CEO, Steven Kusuma, stated that more than 150,000 investors participated in the IPO process, resulting an oversubscription rate of 344.
“We are committed to working optimally and effectively, including by ensuring transparency in target and business development in the future,” he said on Monday, as quoted by Kontan.
Read also: Govt to review PIK 2’s spatial planning amid land use concerns
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