JAKARTA. PT Manggung Polaharaya Tbk (MANG), a construction service provider, will begin its initial public offering (IPO) in Indonesia Stock Exchange (IDX) by issuing 762.5 million shares.

The number of shares offered by MANG is equal to 20% of its total issued and paid-up capital post-IPO. Each share has a face value of IDR 20 per share, and will be offered for a price ranging from IDR 90 to IDR 110 per share.

With said estimated price, MANG will potentially gain fresh funds of up to IDR 83.88 billion from this IPO.

The bookbuilding of MANG’s shares will take place from December 14 to 18, 2023. Then, the public offering will follow from January 3-9, 2024, concluded with stock listing on IDX on January 11, 2024.

In issued prospectus, MANG is said to allocate the entire proceeds of IPO to its working capital. It includes allocating capital to cover the cost of building construction, infrastructure development, as well as salary and benefit. (KR/ZH)