JAKARTA. PT Xolare RCR Energy Tbk (SOLA), an asphalt manufacturer and construction service provider, has set the IPO price to IDR 110 per share, right at the highest range set during the book building phase.

In the book building phase, lasted until April 19, 2024, SOLA announced the IPO price range at around IDR 100 to IDR 110 per share. With said offering price, the company will potentially rake in IDR 72.18 billion of fresh funds from IPO.

For the record, the number of shares issued by SOLA is 656.25 million shares, which are equal to 20% of total issued and paid-up capital of the company post-IPO.

In the issued prospectus, SOLA is said to allocate IDR 48.27 billion of the IPO proceeds as capital investments in several subsidiaries. The remainer will then be used as working capital, including covering inventory purchase and other operational needs.

SOLA is assigning PT UOB Kay Hian Sekuritas as the lead underwriter. Its public offering will take place from May 2 to 6, 2024, followed by the listing on May 8, 2024.

As of now, 72.38% of SOLA are under the control of PT Energi Hijau Investama. PT Xolabit Terminal Bitumen owns another 11.73%, followed by PT Asha Raharja Persada of 9.91%, Mochamad Bhadaiwi of 3.39%, and Imam Buchairi of 2.59%. (KR/ZH)