JAKARTA – The shares of PT Saptausaha Gemilangindah Tbk (SAGE) were oversubscriberd 7.2 times during its initial public offering (IPO) last week, from March 2 to 6, 2023.

Sabastian Santoso, the representative of PT Danatama Makmur Sekuritas, the lead underwriter of SAGE’s IPO, confirmed that SAGE’s shares attracted many investors during its offering period. “There were 42.6 times higher demand compared to the pooling allotment. In total, the oversubscription was recorded at 7.2 times,” he mentioned during the initial public listing of SAGE in Indonesia Stock Exchange (IDX) today (8/6).

SAGE made its debut in IDX by offering 1.61 billion shares of IDR 100 each. Throughout this period, this property dealer managed to collect IDR 161 billion of fresh funds.

The company then issued series I warrants with a ratio of 4:5, meaning that every 4 new shares are entitled to 5 free series I warrants. The warrants could be redeemed six months after IPO, starting from September 8, 2023, until March 7, 2025, for IDR 110 per warrant.

Edward Halim, President Director of SAGE, claimed that IDR 113.2 billion of IPO proceeds will be utilised to acquire the land for Cibinong New City (CNC) integrated city project. Then, another IDR 30 billion will be utilised to fund the phase 2 and 3 construction of Cluster Winner Sapta Villa, while IDR 10 billion will be spent on new lot in CNC area, leaving the remaining to enhance SAGE’s own working capital. (LK/ZH)