JAKARTA. PT Lupromax Pelumas Indonesia Tbk (LMAX), a lubricant and additive manufacturer, has set the price for its initial public offering (IPO) to the upper limit of IDR 200 per share.

Previously, LMAX announced that it will issue IPO shares for IDR 160 to IDR 200 per share. With this price level, the company aims to collect fresh funds of IDR 39 billion from this IPO.

Then, approximately 70% of the IPO proceeds, amounting to IDR 27 billion, will be spent on inventories. The remainder will be used to cover operational costs of the company.

“If the IPO proceeds are not sufficient to fund the fund utilisation plan, other alternative sources are third-party loans and/or internal cash of the company,” the management of LMAX mentioned in the IPO prospectus.

The public offering of LMAX’s shares starts from August 2 to 7, 2023, followed by the distribution on August 8 and the listing on IDX on August 9, 2023. (KR/ZH)