JAKARTA. PT Nusantara Sejahtera Raya Tbk (CNMA), has set the offering price of its initial public offering (IPO) to the lower limit, of IDR 270 per share.

With this price level, CNMA will only be able to gain IDR 2.25 trillion from its IPO. Previously, it was said that the company was projected to raise IDR 2.4 trillion of fresh funds in IPO, if they went for the upper limit for the price at IDR 288 per share.

For the record, the number of shares offered by CNMA in IPO is 8.33 billion units, equal to 10% of the issued and paid-up capital post-IPO. Each share is valued at IDR 8.

The public offering of CNMA will be taking place from July 27 to 31, followed by the electronic distribution of shares on August 1 and the stock listing on Indonesia Stock Exchange (IDX) on August 2, 2023.

CNMA will allocate approximately 65% of IPO proceeds to develop and expand its Cinema XXI theatre network. Then, another 20% will be allocated for early payment of debts owed to PT Bank Rakyat Indonesia (Persero) Tbk (BBRI), leaving the remaining portion to working capital. (KR/ZH)