JAKARTA. PT Samcro Hyosung Adilestari Tbk (ACRO), a foreign company engaged in the hook and loop industry and trading, will offer 63.82 million shares through its initial public offering (IPO).

The number of shares issued by ACRO is equal to 20% of its issued and paid-up capital. Each share has a face value of IDR 20 per share, and will be offered for a price ranging from IDR 103 to 108 per share.

ㅁAssuming that the offering price is set to the upper range, IDR 108 per share, ACRO may potentially pocket IDR 74.93 billion of fresh funds from its IPO.

ACRO has named PT UOB Kay Hian Sekuritas as the lead underwriter for its IPO. The public offering is scheduled to take place from January 2 to 8, 2024, followed by the stock listing on Indonesia Stock Exchange (IDX) on January 10, 2024.

Based on the prospectus, ACRO plans to allocate approximately 30% of IPO proceeds to purchase machineries, while another 10% will be used to pay off loans to PT Bank Woori Saudara 1906 Tbk (SDRA). Then, 15% of them will be used for operational activities, leaving the remainder as working capital. (KR/ZH)