JAKARTA. PT Hoffmen Cleanindo Tbk (KING), a sanitary and security service provider, has set its initial public offering (IPO) price to IDR 130 per share.

Said price is right on the highest range of the price level announced during its book building phase, which ranges between IDR 115 to IDR 130 per share. With this price level, the company might potentially gain IDR 67.6 billion at the end of this corporate action.

As informed in IDNFinancials before, KING will offer 520 million units of its shares in IPO. They are equal to 20% of total issued and paid-up capital of the company post IPO. Each share has a face value fo IDR 20.

KING has appointed PT NH Korindo Sekuritas Indonesia as the lead underwriter and the underwriter in this IPO. The public offering will take place from February 10 to 14, 2023, followed by the electronic distribution of the shares on February 15, 2023. The listing on Indonesia Stock Exchange (IDX) will then conclude the process on February 16, 2023.

Based on the official statement received by IDNFinancials, KING will allocate approximately 95% of IPO proceeds to its working capital. The remaining 5% will be channelled to its subsidiary, PT Hoffmen Parkindo, as additional capital. (KR/ZH)