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Jakarta Post

Envy Technology to float shares on stock market

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    The Jakarta Post

JAKARTA   /   Thu, June 20, 2019   /   11:53 am
Envy Technology to float shares on stock market PT Envy Technologies Indonesia director Mahendra (left), president commissioner Imron Hamzah (second left), president director Mohd Sopiyan Bin Mohd Rashdi (third left), directors Mohd Nadzaruddin Abd Hamid (third right) and Ayu Perwitasari (second right) and PT Erdikha Elit Sekuritas senior vice president Toto Sosiawanto pose for a photograph during Envy Technologies Indonesia’s initial public offering in Jakarta on Tuesday. (The Jakarta Post/Wendra Ajistyatama)

Information technology service provider Envy Technologies Indonesia (ENVY) will launch its initial public offering (IPO) later this month to raise fresh funds to expand its business and pay debts.

President director  Mohd. Sopiyan said the company would sell 600 million shares or 33 percent of the enlarged capital at a price range of between Rp 350 and Rp 475 per share.

With such a price offering, the proceeds from the IPO are expected to be between Rp 240 billion and Rp 360 billion. ENVY will also allocate 18 million shares to its employees.

Sopiyan said in Jakarta on Tuesday 31.4 percent of the IPO's proceeds would be used to strengthen its information integration system unit, 24.56 percent for its telecommunication integration system unit, 2.11 percent for research and development, while the rest would be used to pay for part of the company’s debt and working capital.

ENVY recorded Rp 80.35 billion in revenue in 2018, which jumped from Rp 3.18 billion in 2017 due to a capital injection from  new shareholders. 

 “By the end of this year, we are optimistic revenue will increase to Rp 102.76 billion and Rp 105.4 billion next year,” he said, adding that net profit is projected to reach Rp 7.27 billion this year and Rp 23.79 billion next year,” said Sopiyan.

After the IPO,  ENVY’s shares will be 43.52 percent owned by foreign companies,  25.5 percent by local companies and 33.33 percent by the public.  The shares will be listed on the Indonesia Stock Exchange on July 8 this year.  (tkp)