JAKARTA. PT Minahasa Pembangunan Hebat Tbk (HBAT), a real estate company from North Sulawesi, will release 240.74 million shares through an Initial Public Offering (IPO) on the Indonesia Stock Exchange.

The number of shares offered is equivalent to 23.13% of the issued and fully paid capital after HBAT's IPO. Each share has a nominal value of IDR 25 per share, and will be offered at an offering price of IDR 100 to IDR 108 per share.

Assuming the offering price is at the upper limit of IDR 108 per share, HBAT has the potential to reap fresh funds of up to IDR 26 billion.

The initial offering period for HBAT shares will take place on 12-19 July 2023. The public offering is expected to take place on 1-3 August 2023, distribution of shares on 4 August 2023 and listing of shares on the stock exchange on 7 August 2023.

HBAT has appointed PT Lotus Andalan Sekuritas as underwriter. (KR/LM)