JAKARTA. PT Vastland Indonesia Tbk (VAST), a property and real estate developer, will make its debut through the initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The shares issued by VAST in this IPO are 700 million units, which are equal to 22.54% of its total issued and paid-up capital post-IPO. Each share has a face value of IDR 50, and will be offered for a price that ranges between IDR 100 and IDR 109 per share.

Assuming that the exercised price in this IPO is IDR 109, VAST will potentially gain IDR 76.3 billion of fresh funds.

VAST has assigned PT Erdhika Elit Sekuritas as the underwriter for this IPO. The public offering is scheduled to take place from February 1 to 3, 2023, followed by the listing on IDX on February 7, 2023.

Based on the issued prospectus, VAST plans to allocate IDR 33.06 billion of the IPO proceeds for purchasing land and building as its additional assets. Approximately IDR 16 billion will then be allocated to pay off affiliated loan, leaving the remaining portion for funding its operational expenditures. (KR/ZH)