JAKARTA – PT Hoffmen Cleanindo Tbk (KING), a cleaning service and security service provider, allocates IDR 56.10 billion to pay salaries of its contract employees. The money will be sourced out of the proceeds of the initial public offering (IPO) that took place from February 10 to 14, 2023.

Quoting the prospectus Tuesday (14/2), this company is said to manage 2,262 employees in August 2022. They consist of 112 permanent employees and 2,150 independent contractors, which covered 95% of the total employees.

In its initial public offering (IPO), KING issues 520 million shares of IDR 20 each. The company has set the price to IDR 130 per share, thus collecting IDR 67.6 billion in total.

Out of the total proceeds, approximately 95% or IDR 64.22 billion is allocated by KING to its working capital, consisting of 83% for contractors’ salary and 12% for equipment purchases. Meanwhile, the remaining 5% or IDR 3.38 billion will be for its subsidiary’s working capital.

KING has a subsidiary called PT Hoffmen Parkindo (HP), which has 51 employees, consisting of 5 permanent employees and 46 contract workers. (LK/ZH)