PT Urban Jakarta Propertindo is planning to trade on the floor of the Indonesian Stock Exchange (BEI) at the end of the present year. The property developer company will release the about 20% shares to the public at the public offering (IPO).
“We expect to raise fund of IDR 500 billion up to IDR 1 Trillion from the IPO,” Tri Rachman Batara, Director of Business Development also Corporate Secretary of Urban Jakarta explained to Kontan.co.id, Friday (31/8). Tri also expressed that the company will use the fund for the financing of the projects ahead, including land bank. Currently, Urban Jakarta Propertindo is still completing the requirements to become a public company. The company will submit the document to the Financial Services Authority (FSA) in early September 2018. “Insya Allah, this November or at the latest on early December, we will do the IPO in BEI,” he added. Tri added, the company will appoint RHB Sekuritas as the lead underwriter together with Sinarmas Sekuritas to assist the planning of IPO.