PT Urban Jakarta Propertindo Tbk will organize its Initial Public Offering. This property company offered 600 million shares as equal to 16,85 percent of total capital issued and paid-up in full after the IPO. President Director of Urban Jakarta Propertindo, Paulus Nurwadono said, the company will open offering price at the range of IDR 1,000-IDR 1.250 per share saham.
“Through IPO, being a public company. We will bind with the rule of public company, more efficient, better and more trustable,” he said in Jakarta, Monday (12/11/2018). He explained, the company will issue new Shares for the conversion pursuant to Convertible Loan Agreement dated 22 November 2017 up to 400 million shares as equal to 11,23 percent.
“The total number of new shares will be 1 billion shares equal to 28,08 percent of the total capital issued and paid-up in full,” he said. The company will also issue up to 840 million Series I warrants accompanying the new shares of Company offered to the public. The exercise period of warrant will be from 12 June 2019 until 10 December 2021. The issuance of new shares for the conversion will not be accompanied by issuance of warrant. “For this corporate action, we appoint PT RHB Sekuritas Indonesia and PT Sinarmas Sekuritas as the Joint Lead Underwriters or JLU,” he said.
Book building period will be on 9-19 November 2018, with an estimate effective date on 30 November 2018. Public offering will be on 4-6 December 2018 and initial listing with Indonesian Stock Exchange (BEI) is targeted on 12 December 2018.
Company is planning to allocate about 50,0 percent of IPO proceeds for land acquisition in Jabodetabek areas, 30,0 percent for capital expenditure and development, including 20,0 percent for working capital of the company. “The opportunity IPO may be used to purchase the operational land,” he said.
Source: Liputan 6