JAKARTA. PT Kian Santang Muliatama Tbk (RGAS), a gas industry supporting company, has set the price for its initial public offering (IPO) to IDR 120 per share.

With this price, RGAS will potentially raise fresh funds of up to IDR 40.1 billion from IPO. For the record, the number of shares issued by the company in this IPO is 334 million shares.

In the issued prospectus, RGAS plans to allocate IDR 14.68 billion of the IPO proceeds as capital investment to one of its subsidiaries, PT Kian Santang. Then, another IDR 6.31 billion will be used as capital investment for PT Karya Instrumindo Simpati, and another IDR 9.63 billion is for PT Ergas Kians Ikonig. The remainder will be stored as RGAS’s working capital.

RGAS only assigns PT Erdhika Elit Sekuritas as the underwriter in this IPO.

The public offering period of RGAS will take place from November 2 to 6, 2023, followed by the shares distribution on November 7, 2023, and final listing on Indonesia Stock Exchange (IDX) on November 8, 2023. (KR/ZH)