JAKARTA. PT Sumber Sinergi Makmur Tbk (IOTF), a Global Positioning System (GPS) device distributor and installer for automotive and logistics, has set the offering price for its initial public offering (IPO) to IDR 100 per share.

The offering price was at the lowest of the price range announced during the book building of IOTF, spanning from IDR 100 to IDR 120 per share. With this price level, the company will only be able to max out its IPO proceeds to IDR 110 billion.

For the record, the number of IOTF’s shares issued in this IPO is 1.1 billion shares, which are equal to 20.83% of the issued and paid-up capital post-IPO.

The public offering of IOTF will take place until October 4, 2023, followed by the distribution of shares scheduled on October 5, 2023, and the listing on Indonesia Stock Exchange on October 6, 2023.

In the published prospectus, the entire proceeds gained by IOTF from this IPO will be utilised for enhancing its working capital, including the acquisition of GPS trackers and their supporting devices.

As of March 31, 2023, IOTF recorded total assets worth IDR 58.7 billion, while the total equity was recorded at IDR 44.26 billion. (KR/ZH)