JAKARTA. PT Indo American Seafoods Tbk (ISEA), a shrimp cultivation company and shrimp-based processed food manufacturer, will issue 290 million shares through the initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares that will be issued is equal to 20.86% of its issued and paid-up capital post-IPO. Each share has a face value of IDR 50, and will be offered with a price within a range of IDR 220 to 250 per share. With the offering price set to the upper limit, the company will potentially gain fresh funds of up to IDR 72.5 billion from this corporate action.

In the issued prospectus, ISEA claims to have plans of using 90% of IPO proceeds to acquire raw materials. Then, another 5% will be allocated to sales and marketing expenses, followed by another 4.85% for utility and maintenance costs, leaving the remainder to office needs.

ISEA has named PT KB Valbury Sekuritas as its underwriter. The book building will continue until June 24, 2024, while the public offering is set to July 1-3, 2024, while the stock listing follows last on July 5, 2024.

Until the end of 2023, ISEA reported total assets of IDR 345.3 billion and total equity of IDR 109.29 billion. Its sales were recorded at IDR 199.22 billion in 2023, actually dropping 47.98% year-on-year (yoy). Furthermore, its net profit also plummeted 66.51% yoy to IDR 1.75 billion. (KR/ZH)