JAKARTA - PT Ikapharmindo Putramas Tbk (IKPM) has realised 25% of its working capital allocation taken out of the proceeds of its initial public offering (IPO) in November 2023. The total allocation of working capital was set to IDR 26.20 billion or 50% of net proceeds of IPO, totalling IDR 52.40 billion.

Ayi Saepudin, Director of IKPM, mentioned that the allocation of IPO proceeds consists of capital expenditures for factory renovation of IDR 17.47 billion and for production machine of IDR 8.73 billion, as well as working capital of IDR 26.20 billion.

“The remaining IDR 39.15 billion is deposited to Bank OCBC NISP with revolving saving term,” Saepudin added in the information disclosure quoted Thursday (11/1).

During its IPO on November 2-6, 2023, the issuer offered 336.93 million shares for IDR 165 each, targeting IDR 55.59 billion. Approximately 50% of those funds are projected to be allocated to renovate factory in Rancaekek, Sumedang, as well as purchasing machine to increase production capacity in 2024. Another 50% is then utilised to drive marketing, including e-commerce. (LK/ZH)