Food products company PT Garudafood Putra Putri Jaya decided on Monday that its initial public offering (IPO) share price would be set at Rp 1,284 (8.5 US cent) per share.

The company, a major food and beverage producer, known for its peanut-based snacks, previously offered an IPO price of between Rp 1,100 and Rp 1,400 per share, kontan.co.id reported on Tuesday. 

With the above price, the value of the company's IPO is Rp 979.49 billion (US$64.97 million) with the assumption that the company will release 762.84 shares.

However, Garudafood is set to offer only 35 million shares worth Rp 44.94 billion.

The remaining 727.84 million shares will be reserved as mandatory convertible bonds.

Garudafood received a pre-effective statement from the Financial Services Authority (OJK) on Aug. 27 and, therefore, it should become publicly listed on the Indonesia Stock Exchange (IDX) by mid-October. (nor/bbn)