JAKARTA. PT Multi Garam Utama Tbk (FOLK), a multi-sector holding company, will begin its initial public offering (IPO) in Indonesia Stock Exchange (IDX) by issuing 570 million units of shares.

The number of shares offered will be equal to 14.44% of FOLK’s issued and paid-up capital post-IPO. Each share is valued at IDR 20, while being offered for a price ranging between IDR 100 and IDR 105 per share.

With said level of offering price, FOLK is projected to raise IDR 59.85 billion of fresh funds at the end of this IPO.

In the published prospectus, FOLK is said to allocate approximately 22.76% of IPO proceeds as capital investment in Finfolk Media Nusantara (FMN). The remainder will be used for internal needs of the company, starting from operational activities to acquisition.

FOLK has assigned PT KGI Sekuritas Indonesia and PT Samuel Sekuritas Indonesia as its lead underwriters. The public offering will take place on August 1-3, 2023, followed by the listing on IDX on August 7, 2023. (KR/ZH)