JAKARTA. PT Citra Nusantara Gemilang Tbk (CGAS), a natural gas trading and distribution company, will issue 531.42 million shares through its initial public offering (IPO) in Indonesia Stock Exchange (IDX).

The number of shares issued by CGAS is equal to 30% of its capital post-IPO. Each share is worth IDR 50, and will be offered for a price within the range of IDR 284 to IDR 388 per share.

Assuming that the price will be set to the upper range, IDR 388 per share, CGAS might potentially end up with IDR 179.63 billion of fresh funds from this IPO.

CGAS has assigned PT Pilarmas Investindo Sekuritas as its lead underwriter. The bookbuilding will last until December 19, 2023, while the public offering will follow on January 2-4, 2024, before the stock will be listed on IDX on January 8, 2024.

According to IDNFinancials data, as of now, 46.18% of CGAS’s shares are under the control of PT Petro Asia Energy. Then, PT Dharma Mulia Jaya owns another 30.63%, followed by Cipta Nyata Gemilang of 13%, and PT Tirta Maritim Nusantara of 10.20%. (KR/ZH)