JAKARTA. PT Saptausaha Gemilangindah Tbk (SAGE), a real estate and property developer, will begin its initial public offering (IPO) in Indonesia Stock Exchange (IDX) by issuing 1.61 billion shares.

The number of shares offered in its debut is equal to 20.04% of SAGE’s entire issued and paid-up capital post IPO. Each share is worth IDR 20, yet will be offered for IDR 100 to IDR 125.

Assuming that SAGE will proceed with the highest price level of IDR 125 per share for its IPO, the company may bring home fresh funds of IDR 201.25 billion at the end of this corporate action.

The bookbuilding phase of SAGE’s IPO is set to February 16-22, 2023. Then, the public offering is expected to take place from March 1 to 6, 2023, followed by the public listing on IDX on March 8, 2023.

According to the issued prospectus, SAGE plans to utilise approximately IDR 113.22 million of its IPO proceeds to pay its debts to third-party creditors. Then, another IDR 30 billion will be allocated to the housing project construction in Cibinong New City, leaving another IDR 10 billion for landbank acquisition and the remainder for working capital. (KR/ZH)