JAKARTA. PT Sinar Eka Selaras Tbk (ERAL), an issuer under Erajaya Group, has been officially listed on Indonesia Stock Exchange (IDX) starting today (8/8) after issuing 1.03 billion shares in its initial public offering (IPO).

Djohan Sutanto, President Director of ERAL, said that the company is confident that the extra capital gained in the IPO will reinforce business growth in the future. “The company is here to utilise the massive potential from the lifestyle retail sector that continues to expand in Indonesia,” he added.

In the IPO, Susanto said that investors’ interest in ERAL’s issued shares is quite high. It is indicated through oversubscription of ERAL’s shares that clocked up to 56.64 times.

ERAL’s shares were offered for IDR 390 per share, in line with its book building stage, in which ERAL’s shares were initially offered for a price ranging between IDR 370 and IDR 410 per share.

After the IPO, approximately 79.99% of ERAL is still under the control of PT Erajaya Swasembada Tbk (ERAA). Meanwhile, public investors are recorded claiming 19.97%, followed by Employee Stock Allocation (ESA) of 0.0236%, and Jemmy Hady Wijaya of 0.0002%. 

In the future, Sutanto said that ERAL will continue to develop its existing business according to its professional experience in the retail sector, as well as the support from its controlling shareholder. “Furthermore, it will seize new opportunities in the future,” he added.

According to IDNFinancials data, some of ERAL’s portfolio includes accessories, products of Internet of Things (IoT), as well as sportswear and fashion. Some of the top brands marketed by the company includes Apple, Samsung, JBL, Microsoft, Playstation, DJI, Garmin, and JD Sports. (KR/ZH)