JAKARTA – PT Aviana Sinar Abadi Tbk (IRSX), a programming service provider, will channel IDR 79.35 billion to its subsidiaries to enhance their working capitals. Said amount is equivalent to 78.57% of the proceeds of its initial public offering (IPO) worth IDR 101 billion.

Quoting the short prospectus on Tuesday (31/1), the company has allocated IDR 51.53 billion of its IPO proceeds to increase the capital of PT Digital Nata Karya (DNK). Approximately 50% of them will be utilised for its operational expenditure (opex) and another 1.02% will be used to cover its capital expenditures (capex).

The opex budget, amounting to IDR 50.50 billion, will be spent on digital products and Payment Point Online Bank (PPOB), as well as digital marketing and cloud infrastructure. Then, the capex, worth IDR 1.03 billion, will be used to develop DNK’s platform and module.

Furthermore, another subsidiary, PT Aviana Semesta Anugerah (ASA) will receive the remaining IDR 27.28 billion. Approximately IDR 26.79 billion will be utilised for its opex, covering the costs for advertising space rents and other supporting needs. The remaining amount will be utilised as capex.

Then, 21.34% of the IPO proceeds, equivalent to IDR 21.64 billion, will be used by IRSX for its own working capital and capex.

IRSX will reportedly offer 1 billion units of shares on February 1 to 3, 2023, for IDR 101 each. Said 1 billion shares are equal to 20% of IRSX’s issued and paid-up capital post-IPO. (LK/ZH)