JAKARTA. PT Multi Spunindo Jaya Tbk (MSJA) has set the stock price in its initial public offering (IPO) to IDR 300 per share.

This price arrives right in the middle of the book building price range announced by MSJA a while ago, which ranges from IDR 250 to IDR 350 per share. With said price, the company might potentially score fresh funds of IDR 264.71 billion in this IPO.

For the record, the number of shares issued by MSJA in its IPO is 882.35 million shares. They are equal to 15% of the total issued and paid-up capital of the company post-IPO.

In the issued prospectus, MSJA will allocate 40% of the IPO proceeds to business development, while another 30% is reserved for working capital, leaving the remainder to pay off bank loans.

MSJA has assigned PT BRI Danareksa Sekuritas and PT Reliance Sekuritas Indonesia Tbk (RELI) as joint lead underwriters. The public offering will be held until January 8, 2024, which will then be followed by the listing on Indonesia Stock Exchange (IDX) on January 10, 2024. (KR/ZH)