JAKARTA. PT Arsy Buana Travelindo Tbk (HAJJ), a travel agency for umrah and hajj, will issue 687.1 million shares in its initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares issued in the IPO is equal to 29.998% of its total issued and paid-up capital post IPO. Each share has a face value of IDR 30 but will be offered within the range of IDR 140-145 per share.

Assuming that HAJJ decides to go with an offering price of IDR 145 per share, the company will potentially gain IDR 99.63 billion of fresh funds at the end of this corporate action.

According to the issued prospectus, the entire proceeds of IPO of HAJJ will be allocated to its working capital. Approximately 60% of the proceeds will be for flight ticket reservations, leaving the remaining 40% to hotel room reservations.

HAJJ has assigned PT Surya Fajar Sekuritas as the lead underwriter. The book building is scheduled to take place from February 24 to March 9, 2023, followed by the main public offering from March 27 to 31, 2023. Meanwhile, the electronic distribution of new shares is set to April 3, 2023, before finally being listed on IDX on April 4, 2023. (KR/ZH)