JAKARTA. PT Multi Makmur Lemindo Tbk (PIPA), a manufacturer of PVC building materials, has set an Initial Public Offering (IPO) price of IDR 105 per share.

Previously, during the bookbuilding period, PIPA conveyed that the IPO share price would be set at between IDR 100 and IDR 110 per share. By setting an offering price of IDR 105 per share, the company has the potential to absorb fresh funds of up to IDR 97.13 billion from the IPO.

According to an official statement received by idnfinancials.com, PIPA will use around IDR 19.29 billion of IPO funds for the construction of a new factory facility. Then as much as IDR 41.79 will be allocated to buy machinery and production facilities, IDR 1.86 billion to buy operational vehicles, IDR 3 billion to pay part of the principal debt, and the rest is for the company's working capital.

PIPA's public offering period will last until 5 April 2023. Electronic distribution of shares will be carried out on 6 April 2023 and share listing on the Indonesia Stock Exchange (IDX) on 10 April 2023. (KR/LM)