JAKARTA. PT King Tire Indonesia Tbk (TYRE), an inner tube and outer tire manufacturer under the brand Kingland, will soon kick off its initial public offering (IPO) of 700 million shares in Indonesia Stock Exchange (IDX).

The number of shares issued will be equal to 20.13% of the total issued and paid-up capital of TYRE after IPO. Each share has a face value of IDR 50 per share, and will be offered for IDR 108 to IDR 138 each.

Assuming that the offering price is set to IDR 138 per share, TYRE might raise a total of IDR 96.6 billion from its IPO.

The book building of TYRE will last from April 6 to 12, 2023, followed by the main public offering from April 17 to May 2, 2023, before being listed on IDX on May 4, 2023.

According to TYRE's official statement, the entire proceeds will be used to enhance its working capital, including raw materials purchase, employees' benefits, and covering overhead costs. (KR/ZH)