JAKARTA. PT Sumber Sinergi Makmur Tbk (IOTF), distributor of Global Positioning System (GPS) equipment for automotive and logistics, will carry out an Initial Public Offering (IPO) by releasing 1.1 billion shares.

The number of shares offered by IOTF is equivalent to 20.83% of the issued and fully paid capital after the IPO. Each share has a nominal value of IDR 10 and will be offered at a price range of IDR 100 to IDR 120 per share.

Assuming an exercise price of IDR 120 per share, IOTF is estimated to raise fresh funds of up to IDR 132 billion from the IPO.

The initial offering (book building) period for IOTF shares will take place on 14-19 September 2023. The public offering is scheduled to take place on 2-5 October 2023 and the shares will be listed on the Indonesia Stock Exchange (BEI) on 6 October 2023.

Later, all funds from the company's IPO will be used for working capital, most of which will be in the form of inventory items.

Based on the prospectus submitted, IOTF had total assets of IDR 58.7 billion as of March 31, 2023. Meanwhile, the company's total equity was recorded at IDR 44.26 billion. (KR/LM)