JAKARTA. PT Petrindo Jaya Kreasi Tbk (CUAN), a coal mining company affiliated with PT Barito Pacific Tbk (BRPT), plans to issue 1.69 billion shares in its initial public offering (IPO).

According to its initial prospectus, the number of shares issued in this IPO will be equal to 15.03% of CUAN’s issued and paid-up capital post IPO. Each share is worth IDR 200, and will be offered for a price ranging between IDR 200 to IDR 220 per share.

Assuming that CUAN will proceed with the highest offering price level of IDR 220, it may end up with IDR 371.8 billion of fresh funds at the end of its IPO.

The proceeds gained by CUAN from this corporate action will be allocated to PT Tamtama Perkasa (TP), its subsidiary, as extra working capital. For the record, TP currently needs some funding for an intermediate stockpile construction as well its supporting infrastructures.

CUAN has assigned PT Henan Putihrai Sekuritas and PT BRI Danareksa Sekuritas as joint lead underwriters. The book building phase will last until February 22, 2023, followed by the main public offering phase from March 2 to 6, 2023, and the initial public listing on Indonesia Stock Exchange on March 8, 2023.

As of now, 99.999% of CUAN’s shares are controlled by Prajogo Pangestu, while the small 0.001% belongs to Agus Salim Pangestu. Based on IDNFinancials data, Prajogo Pangestu is listed as the controlling shareholder of BRPT and PT Chandra Asri Petrochemical Tbk (TPIA). (KR/ZH)