JAKARTA. PT Agro Bahari Nusantara Tbk (UDNG), a shrimp farming company, will offer 500 million new shares in its initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares offered by UDNG is equal to 28.57% of its total issued and paid-up capital post-IPO. Each share has a face value of IDR 10 per share, and will be offered for a price ranging from IDR 90 to IDR 100 per share.

Assuming that the offering price is set to the upper limit, IDR 100 per share, UDNG may potentially gain up to IDR 50 billion from IPO.

UDNG has appointed PT MNC Sekuritas and PT KB Valbury Sekuritas as its underwriters. The book building will last from October 6 to 12, 2023, while the public offering is scheduled to take place from October 23 to 26, 2023. The stock listing on IDX will follow on October 30, 2023.

Based on the prospectus, UDNG will utilise some of the IPO proceeds as additional capital investment to subsidiary. Then, the company will also allocate another portion for its working capital. (KR/ZH)