JAKARTA - PT Manggung Polahraya Tbk (MANG) aims to bag IDR 76.25 billion through its initial public offering (IPO) of 762.5 million shares for IDR 100 each. This corporate action started last week (3/1) and will be concluded on Tuesday (9/1).

In the issued prospectus quoted today (8/1), all IPO proceeds will be used as working capital, primarily covering building and road infrastructure construction, hot mix asphalt, and ready-mix concrete production processes.

In this corporate action, the issued and paid-up capital of MANG will rise to IDR 76.25 billion from IDR 61 billion. In contrast, the company’s shareholders’ portion will shrink, such as Mohammad Reza Pahlevi from 68.20% to 54.56%, Wiwiek Robiatul Adawiyah from 11.97% to 9.57%, Ni Ketut Mariani from 11.31% to 9.05%, Niazie Gani from 8.52% to 6.82%, while the public gains 20% from the initial 0%.

The authorised capital of MANG is known to reach IDR 244 billion. After the IPO, the stock in its portfolio will drop to IDR 167.75 billion from IDR 183 billion.

The assigned underwriter is PT Panca Global Sekuritas. (LK/ZH)