JAKARTA - PT Paperocks Indonesia Tbk (PPRI) eyes extra working capital worth IDR 38.5 billion via initial public offering (IPO) of 275 million shares for IDR 140 each. The entire IPO proceeds will be spent on raw materials and operational activities.

Based on the prospectus sheet quoted today (4/8), the IPO began on August 2, 2023, for shares worth IDR 50 each. The IPO proceeds will be used to purchase supplies of paper cups, paper bowls, paper bags, and paper wraps. The company is currently seeking vendors designed to supply these inventory goods.

As of now, the company reported having authorised capital of IDR 100 billion, while its issued and paid-up capital set to IDR 40 billion. Dillon Sutandar and Philip Sumali claim 35% each, while Catur Jatiwaluyo has another 30%. The value of the stock in its portfolio equals IDR 60 billion.

Post-IPO, its issued and paid-up capital will rise to IDR 53.75 billion. Dillon Sutandar and Philip Sumali will have 26% of the shares each, followed by Catur Jatiwaluyo of 22.32%, and public investors of 25.58%. The stock in its portfolio will shrink to IDR 46.25 billion.

The company will also issue 165 million series I warrants, equal to 20.63% of the issued and paid-up capital during IPO. The offering price for these warrants is set to IDR 200 each, thus projecting targeted funds of IDR 33 billion at max. (LK/ZH)