JAKARTA. PT Maxindo Karya Anugerah Tbk (MAXI), a tropical-root-based snack manufacturer, arranges its initial public offering (IPO) of 1 billion shares in Indonesia Stock Exchange (IDX).

The number of offered shares is equal to 10.41% of MAXI’s total issued and paid-up capital post-IPO. Approximately 450 million units of the entire IPO shares are new shares taken out of its stock portfolio, while the remaining 550 million shares are the ones recently divested by PT Karya Nusa Perdana (KNP).

Each MAXI’s share issued in IPO has a face value of IDR 10, and they will be offered for a price ranging between IDR 100 and IDR 110 per share. Assuming that MAXI proceeded with the highest price range, the company might potentially gain IDR 110 billion of fresh funds at the end of its corporate action.

As mentioned in the prospectus, MAXI will utilise the entire proceeds of the IPO for working capital, which includes purchasing raw materials, as well as covering production costs and office operations.

The book building of MAXI is set to take place from May 22 to 24, 2023, followed by the public offering on June 6-8, 2023, and the listing on June 12, 2023.

MAXI has assigned PT Shinhan Sekuritas Indonesia as the lead underwriter, while other underwriters will be announced in the near future. (KR/ZH)