JAKARTA. PT Lupromax Pelumas Indonesia Tbk (LMAX), an additive and lubricant manufacturer under Magna Group, will conduct its initial public offering (IPO) in Indonesia Stock Exchange (IDX) by issuing 195 million units of shares.

The number of shares issued by LMAX is equal to 26.09% of the total issued and paid-up capital post-IPO. Each share has a face value of IDR 20 and will be offered for a price ranging between IDR 160 and IDR 200 per share.

With this projection of offering price, LMAX might potentially gain IDR 31.2 billion to IDR 39 billion in this IPO.

LMAX has assigned PT Shinhan Sekuritas Indonesia as the lead underwriter. The public offering of the shares will take place from August 2 to 7, followed by the distribution on August 8, before finally being listed on August 9, 2023.

According to IDNFinancials data, as of now, 47.5% of LMAX’s shares is under the control of Kartiko Soemargono. Then, another 19% belong to Trisno Harnadi, followed by Jong Anton Dwi Putro of 20% and Clarissa Calluella Haberth of 13.5%. (KR/ZH)