JAKARTA. PT Kian Santang Muliatama Tbk (RGAS), an energy company with total assets of IDR 52.58 billion, will carry out an Initial Public Offering (IPO) by releasing 334.2 million shares.

The number of shares offered by RGAS is equivalent to 22.90% of the issued and fully paid capital. Each share has a nominal value of IDR 40 and will be offered at a price range of IDR 115 to IDR 122 per share.

Assuming an offering price of IDR 122 per share, RGAS has the potential to raise fresh funds of up to IDR 40.77 billion from the IPO.

RGAS appointed PT Erdhika Elit Sekuritas as the securities underwriter. The initial offering period (book building) will be held on 16-18 October 2023. Meanwhile the public offering of shares is scheduled for 1-3 November 2023 and the listing of shares on the Indonesia Stock Exchange (BEI) on 7 November 2023.

In the prospectus submitted, RGAS will use some of the proceeds from the IPO for various needs, ranging from working capital to business expansion. (KR/LM)