JAKARTA. PT Citra Nusantara Gemilang Tbk (CGAS), a company engaged in the natural gas distribution, has set the price of its initial public offering (IPO) to IDR 338 per share.

Said price was at the upper range of the estimated share price set by CGAS during the bookbuilding, which is between IDR 284 and IDR 338 per share. With this price on hand, the company will potentially rake in fresh fund of up to IDR 179.62 billion from its IPO.

For the record, the number of shares issued by CGAS in IPO is 531.43 million shares. They are equal to 30% of its issued and paid-up capital post-IPO.

In the issued prospectus, CGAS will allocate approximately 90% of IPO proceeds for the development of LNG Station in Galian Field Tambun Zone 7 Regional 2. Then, the remaining 10% will be used as its working capital, covering its operational expenditures.

CGAS has assigned PT Pilarmas Investindo Sekuritas as its lead underwriter and underwriter. The public offering of CGAS’s shares will last from January 2 to 4, 2024. Furthermore, the stock listing is scheduled on January 8, 2024. (KR/ZH)