JAKARTA. PT Sinergi Inti Andalan Prima Tbk (INET), a telecommunication holding and fibre optic provider, will begin its initial public offering (IPO) by issuing 1.5 billion shares in Indonesia Stock Exchange (IDX).

The number of shares offered by INET is equal to 20% of the issued and paid-up capital post-IPO. Each share has a face value of IDR 10, and will be offered for a price ranging between IDR 100 to IDR 101 per share.

Assuming that the price is set to IDR 101 per share, INET will potentially raise fresh funds of up to IDR 151.5 billion from this corporate action.

According to the official statement received by IDNFinancials, INET will allocate most of the proceeds of the IPO as capital investment to several of its subsidiaries. It will be split into IDR 90 billion for PT Pusat Fiber Indonesia (FPI), IDR 30 billion for PT Data Prima Solusindo (DPS), and the remainder for its own working capital.

INET assigns PT Shinhan Sekuritas Indonesia as the underwriter for this IPO. The book building is scheduled to last until tomorrow (5/7), while the public offering will be set to July 13-17, followed by the listing on IDX on July 20, 2023. (KR/ZH)