JAKARTA. PT Menn Teknologi Indonesia Tbk (MENN), an IoT-based (Internet of Things) digital solution provider, will hold an initial public offering (IPO) and issue 430.2 million shares or 30% of its total issued and paid-up capital.

Each share has a face value of IDR 10. MENN will then set the offering price ranging between IDR 75 and IDR 80 per share.

Assuming that the offering price is set to the upper range of IDR 80 per share, MENN will potentially gain fresh funds of IDR 34.42 billion from its IPO.

Approximately IDR 1.69 billion of the IPO proceeds will be utilised to pay back some of its payables. Then, another IDR 12.4 billion will go to its capital expenditure, leaving another IDR 2 billion to lease buildings in several new regions and the remainder to the working capital.

In its IPO, MENN has appointed PT Indo Capital Sekuritas as the underwriter. The main public offering is scheduled to take place from April 12 to 14, 2022, followed by the public listing on Indonesia Stock Exchange (IDX) on April 18, 2023.

Until September 30, 2022, MENN recorded total assets of IDR 12.49 billion, while its total equity was seen at IDR 11.51 billion. The net profit margin of the company in said period arrived at 17.90%, while the net profit growth reached IDR 29.61% year-on-year (yoy). (KR/ZH)