JAKARTA. PT Sumber Mineral Global Abadi Tbk (SMGA), a nickel ore and coal trading company, will begin its initial public offering (IPO) by issuing 1.75 billion shares in Indonesia Stock Exchange (IDX).

The number of shares issued by SMGA is equal to 20% of its total issued and paid-up capital post-IPO. Each share has a face value of IDR 20 per share, while being offered for IDR 100 to IDR 105 per share.

Assuming that the offering price is set to IDR 105 per share, SMGA potentially rakes in fresh funds of IDR 183.75 billion.

SMGA has assigned PT Victoria Sekuritas Indonesia as the underwriter. The public offering is set to take place on January 22-25, 2024. The distribution of shares will then follow on January 26, 2024, followed by the listing on the stock exchange on January 29, 2024.

According to IDNFinancials data, as of now, 90% of SMGA are under the control of PT Sumber Global Energy Tbk (SGER). Meanwhile, another 10% belongs to Vivi Ramalyati Hutama. (KR/ZH)