JAKARTA — PT Arpan Bali Utama (ABU) will gain extra fresh capital worth IDR 70 billion, or approximately 80% of the IPO proceeds of its parent company, PT Hatten Bali Tbk (WINE), an alcoholic beverage distributor.

Quoting its prospectus today (9/1), WINE will secure IDR 87.46 billion at the end of its IPO, which took place from January 3 to 6, 2023. Throughout said period, WINE offered 678 million shares of IDR 129 each.

The capital distributed to ABU will be spent on purchasing raw materials, including grapes and grape juice, as well as other supporting goods, such as bottles and boxes.

The remaining 20% of IPO proceeds, or approximately IDR 17.45 billion, will be used to enhance WINE's working capital. It includes raising brand awareness in Bali through merchandise, sponsorship, and social media presence. (LK/ZH)