JAKARTA - PT Samcro Hyosung Adilestari Tbk (ACRO) is currently holding its initial public offering (IPO) of 693.82 million of shares worth IDR 20 each. The proceeds of this corporate action will be spent on acquiring machine, paying obligations, and enhancing working capital.

In the short prospectus quoted Monday (8/1), this issuer, engaged in the hook and loop trading industry, has set the offering price to IDR 108 per share. Thus, the total IPO proceeds gained from January 3-9 will arrive at IDR 74.93 billion.

In addition, ACRO seeks IDR 43.01 billion by issuing Series I Warrants of 231.27 million warrants for IDR 186. Those warrants are equal to 8.33% of total issued and paid-up capital during IPO registration.

The structure of IPO proceeds’ allocation consists of 30% for machine acquisition, 9.84% for loan payment in USD owed to PT Bank Woori Saudara 1906 Tbk (SDRA), another 15% for warehouse lease and operational vehicle acquisition, and 45.16% for raw material acquisition, as well as enhancing promotion and machine maintenance.

As of now, ACOR’s authorised capital is IDR 166 billion, consisting of series A worth IDR 159.99 billion and series B of IDR 6 billion. Issued and paid-up capital consists of series A shares worth IDR 35.50 billion. The shareholders consist of Chung Tae Sung of 61.97%, Hwang Tae Hyu of 0.60%, Lee Mi Hyun of 0.69%, Hwang Chilhoen of 0.60%, and Lim Sung Pil of 0.10%. (LK/ZH)