JAKARTA. PT Multi Makmur Lemindo Tbk (PIPA), a manufacturer of PVC pipe products and accessories, will release 925 million shares through an Initial Public Offering (IPO).

The number of shares offered by PIPA in the IPO is equivalent to 27.01% of the issued and paid-up capital. Each share has a nominal value of IDR 20, and will be offered at a price range of IDR 100 to IDR 110 per share.

Assuming an offering price of IDR 110 per share, PIPA has the potential to reap fresh funds of up to IDR 101.75 billion in an IPO.

The initial offering period (book building) for PIPA shares will take place from 15-21 March 2023. The public offering period is scheduled for 30 March 2023 and the electronic distribution of shares on 6 April 2023. Meanwhile the share listing on the IDX is scheduled for 10 April 2023.

PIPA has appointed PT Shinhan Sekuritas Indonesia as underwriter. While underwriters will be determined in the near future.

As of September 30 2022, PIPA posted net sales of IDR 31.84 billion and net profit of IDR 1.49 billion. The company's total assets were recorded at IDR 89.25 billion, while its total equity was IDR 51.79 billion. (KR/LM)