JAKARTA PT Sinergi Multi Lestarindo Tbk (SMLE) has set the Initial Public Offering (IPO) share price at IDR 175 per share, right at the lower limit of the price submitted during the initial offering (book building).

In the initial offering held at the end of last year, SMLE plans to offer IPO shares at a price range of IDR 175 to IDR 190. With this price setting, the company only has the potential to gain fresh funds of IDR 81.48 billion from the IPO.

SMLE management said that around IDR 6 billion of IPO proceeds would be allocated to purchase a special warehouse for raw materials. Then around IDR 3.4 billion will be allocated for Research & Development (R&D) and the remainder for working capital.

SMLE has appointed PT MNC Sekuritas as the underwriter for the securities issuance. Then PT Erdikha Elit Sekuritas was appointed as the securities underwriter.

The public offering period for SMLE shares will last until January 8, 2024. Share distribution is scheduled for January 9, 2024 and listing on the Indonesia Stock Exchange (BEI) on January 10, 2024. (KR/LM)