JAKARTA. PT Wijaya Cahaya Timber Tbk (FWCT), a plywood manufacturer, will issue 375 million units of shares in its initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares offered by FWCT is equal to 20% of the issued and paid-up capital. Each share has a face value of IDR 100, and will be offered for IDR 108 to IDR 118 per share.

Assuming that the IPO price is set to IDR 118 per share, FWCT might potentially gain fresh funds of up to IDR 44.25 billion.

Based on the prospectus, FWCT will allocate approximately 79% of IPO proceeds to the capital expenditure. It will be spent on main production machine. Then, another 16% will be used to purchase supporting machines, leaving the remaining to the working capital.

The book building of FWCT’s IPO will take place from January 9 to 16, 2023, followed by the main public offering from January 26 to 30, 2023. The shares will then be listed on IDX on February 1, 2023.

FWCT has assigned PT Lotus Andalan Sekuritas as the lead underwriter in IPO. (KR/ZH)