JAKARTA. PT Graha Prima Mentari Tbk (GPRM), a distributor of carbonated drinks, is arranging its initial public offering (IPO) of 309 million shares.

The number of issued shares is equal to 20% of GPRM's issued and paid-up capital post-IPO. Each share has a face value of IDR 25, and will be offered for a price ranging from IDR 120 to 130 per share.

Assuming that the offering price is set to IDR 130 per share, GPRM may end up with fresh funds of IDR 40.17 billion at the end of this corporate action.

The book building will last until June 20, followed by the public offering from June 28 to July 3, before finally being listed on Indonesia Stock Exchange (IDX) on July 5, 2023.

In the official prospectus, GPRM plans to utilise the entire proceeds gained during IPO for working capital. The working capital will then be used to advance the expansion plan of the company to various regions, from Java to Sumatra.

According to IDNFinancials data, GPRM is the official dealer of carbonated drinks that go by the brand Coca-Cola in Indonesian. The company, still under Prima Group, also distributes other packaged drinks, such as Sprite, Fanta, Minute Maid, Frestea, A&W, Ades, Nutriboost, and Schweppes. (KR/ZH)