JAKARTA. PT Sinergi Multi Lestarindo Tbk (SMLE), a supplier of chemicals for food, will begin its initial public offering (IPO) of 465.6 million shares in Indonesia Stock Exchange (IDX).

The number of shares issued by SMLE is equal to 20% of its total issued and paid-up capital post-IPO. Each share has a face value for IDR 10 per share, and will be offered for a price ranging from IDR 175 to IDR 190 per share.

Assuming that the offering price is set to the highest, IDR 190 per share, SMLE potentially rakes in IDR 88.47 billion of fresh funds from this IPO.

Based on the issued prospectus, SMLE plans to allocate approximately IDR 6 billion of IPO proceeds to purchase 1 warehouse specifically for raw materials. Then, another IDR 3.4 billion will be spent on research and development laboratory, leaving the remainder to be used as working capital.

SMLE has assigned PT MNC Sekuritas as the lead underwriter for its IPO. The main public offering is set to January 2-8, 2024, followed by the distribution of shares on January 9 and stock listing on January 10. (KR/ZH)