JAKARTA - PT Mutuagung Lestari Tbk (MUTU), otherwise known as Mutu Internasional, reported oversubscription of up to 252 times during its initial public offering (lit. Initial Public Offering/IPO) on the Indonesia Stock Exchange which ended last Monday (7/8).

According to Sumarna, Director of Finance and Human Resources at MUTU International, this excess demand indicates high interest and public investor confidence in MUTU's shares. "This achievement has also exceeded our expectations, it turns out that MUTU shares are in great demand by capital market investors," he added.

MUTU has released 942.86 million shares with an offering price of IDR 108 per share. So, in this corporate action, the company will earn up to IDR 101.82 billion.

In addition to allocating 66% of the funds for the expansion of test laboratories in five provinces, MUTU will also build new laboratories in the field of coal and nickel, the process of which will begin in August 2023 and is targeted for completion in 2024. Based on today's press release (8/8), the two new facilities are located in Banjarbaru, South Kalimantan and Pontianak, West Kalimantan.

Tomorrow (9/8), MUTU will be officially listed on the Indonesia Stock Exchange as the 60th listed company this year. "We are very grateful and grateful to all parties who have helped and made MUTU's IPO a success," Sumarna said in a press release. (ZH/LM)