JAKARTA. PT Koka Indonesia Tbk (KOKA), a construction service company, is arranging its initial public offering (IPO) of 715.3 million shares in Indonesia Stock Exchange (IDX).

The number of shares issued by KOKA is equal to 25% of its total issued and paid-up capital post-IPO. Each share has a face value of IDR 25 and will be offered with a price that ranges between IDR 128 and IDR 161 per share.

With said price range, KOKA will potentially gain fresh funds from IDR 91.56 billion to IDR 115.17 billion from its IPO.

KOKA has assigned PT UOB Kay Hian Sekuritas as the lead underwriter. The book building s set to September 19-26, 2023, followed by the main public offering on October 2-5, 2023. The stock listing on IDX board will then take place on October 9, 2023.

In the IPO prospectus, KOKA plans to utilise most of the IPO proceeds for its working capital, leaving another allocated for capital expenditure. (KR/ZH)