JAKARTA. PT Penta Valent Tbk (PEVE), a pharmaceutical and consumption goods distributor, will issue 368 million shares in its initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares issued by PEVE will be equal to 20.67% of its entire issued and paid-up capital post-IPO. Each share is worth IDR 20, but they will be offered for a price ranging between IDR 120 to IDR 149 per share.

Assuming that PEVE decided to proceed with the upper range price of IDR 149 per share, the company may gain IDR 54.83 billion at the end of this corporate action.

The main public offering of PEVE’s shares is scheduled to take place from January 17 to 19, 2023. The electronic distribution of those shares will follow on January 20, 2023, before finally being listed on IDX on January 24, 2023.

Based on IDNFinancials data, as of now, 50.44% of PEVE’s shares are under the control of PT Tancorp Mega Buana, another company owned by Hermanto Tanoko, a Surabaya-based mogul. Then, another 25.28% belongs to PT Maramakmur Selaras, followed by the remaining 24.28% that is claimed by PT Multi Pidotama Mandiri. (KR/ZH)