JAKARTA. PT Asri Karya Lestari Tbk (ASLI), a construction contractor, will begin its initial public offering of 1.25 billion shares on Indonesia Stock Exchange (IDX).

The number of shares issued by ASLI is equal to 20% of its issued and paid-up capital post-IPO. Each share has a face value of IDR 50 per share, and will be offered for a price ranging from IDR 100 to IDR 130 each.

Assuming the company proceeded with the highest offering price of IDR 130 per share, ASLI is expected to raise fresh funds of up to IDR 162.5 billion from IPO.

The bookbuilding of ASLI will take place until December 18, 2023. The public offering is then scheduled on December 29, 2023, until January 3, 2024, followed by the stock listing on IDX on January 5, 2023.

In the initial prospectus, ASLI is said to allocate approximately 50.79% of IPO proceeds as capital investment to its subsidiaries. Then, another 43.75% will be utilised as capital expenditure, leaving the remainder to be used as working capital of the company.

For the record, ASLI has appointed PT NH Korindo Sekuritas Indonesia as its lead underwriter, while other underwriters will be announced later. (KR/ZH)