JAKARTA - PT Mutuagung Lestari Tbk (MUTU), widely known as MUTU Internasional, a testing, inspection, and certification (TIC) company, is ready to make a debut in Indonesia Stock Exchange (IDX) through initial public offering (IPO).

After securing effective statement from Financial Services Authority on July 31, 2023, the company will begin the public offering of 942,86 million shares today (2/8) until August 7, 2023. Then, as stated in the initial prospectus, the listing on IDX will follow on August 9, 2023.

Previously, the offering price of MUTU’s shares was set to range between IDR 105 and IDR 110 per share. After the book building phase, the management then sets the offering price to the mid-range of IDR 108 per share. Thus, at the end of this corporate action, the company aims to raise fresh funds of up to IDR 101.82 billion.

“We are confident that the IPO shares of MUTU will attract investors due to great business fundamental aspects and the promising growth of TIC industry, especially in the environment, social, and governance (ESG) sector, carbon trading, and green economy,” Arifin Lambaga, President Director of MUTU Internasional said in the official statement today (2/8).

As informed in IDNFinancials, 66% of IPO proceeds will be allocated for the expansion of 5 new laboratories and several new branch offices starting from this August. The remaining 34% will be utilised for operational expenditures, including raw materials purchase, marketing expenses, as well as general and administrative expenses.

Earlier this August (1/8), MUTU signed the MoU with Serikat Petani Kelapa Sawit (SPKS), a union of palm farmers, in facilitating the farmers to secure their own sustainability palm plantation certificates. “MUTU is committed to supporting the realisation of the sustainability implementation in various sectors, including palm industry,” added Irham Budiman, Director of Operations of MUTU. (ZH)