JAKARTA. PT Koka Indonesia Tbk (KOKA), an issuer of industrial and civil building construction services, has set the share price offered in the Initial Public Offering (IPO) at IDR 128 per share.

The offering price is right at the lower limit of KOKA's initial offering (book building) price, namely IDR 128 to IDR 161 per share. With the set price, the company will only raise a maximum of IDR 91.56 billion in fresh funds from the IPO

The number of shares offered by KOKA is 715.33 million shares. This is equivalent to 25% of the company's issued and fully paid-up capital after the IPO.

KOKA has appointed PT KGI Sekuritas Indonesia and PT UOB Kay Hian Sekuritas as underwriters. The public offering period will take place from 3-9 October 2023. Meanwhile, listing on the Indonesia Stock Exchange (BEI) is scheduled for 11 October 2023.

In the prospectus submitted, KOKA management will allocate around 17.23% of IPO funds for capital expenditure. Meanwhile, the remaining 82.77% will be allocated for working capital. (KR/LM)