JAKARTA. PT Pupuk Kalimantan Timur (Pupuk Kaltim) is said to conduct its initial public offering (IPO) to raise fresh funds of USD 500 million or approximately IDR 7.8 trillion.

According to Channel News Asia report, two sources claimed that Pupuk Kaltim will issue 20% of its shares in this upcoming IPO. The funds gathered from this corporate action will be spent on realising its business expansion plan.

As of now, there are two banks that currently work on deals regarding Pupuk Kaltim’s IPO.

Recently, the Ministry of State-Owned Enterprises (BUMN) reveals that there are several of state-owned companies that will debut in the stock exchange, including Pupuk Kaltim. Another one is PT Pertamina Hulu Energi (PHE). “PHE had registered its IPO plan to OJK in December 2022,” Pahala N. Mansury, Vice Minister of BUMN I, added.

Mansury added that Pupuk Kaltim will submit its IPO registration by the end of the first quarter of 2023. “Our target is, by the half of 2023, we have completed all IPO processes,” he stated. (KR/ZH)