JAKARTA. PT Bersama Mencapai Puncak Tbk (BAIK), a company that manages Ayam Goreng Nelongso, has set the initial public offering (IPO) price to IDR 278 per share.

Said price was at the upper limit of the book building price range previously announced by the management of BAIK from IDR 268 to IDR 278 per share. With said offering price, the company potentially rakes in fresh funds of IDR 62.55 billion from IPO.

The public offering of BAIK took place from February 2-12, 2024, followed by the distribution on February 13, 2023, and listing on Indonesia Stock Exchange (IDX) on February 15, 2024.

In the prospectus, BAIK is said to allocate 3.30% of IPO proceeds to purchase machine and operational vehicle to support product distribution. Then, another 9.64% will go to outlet leasing extension, while 21.37% of those will be used to renovate outlets and offices, leaving the remainder to be used for operational expenditure of the company.

In this IPO, BAIK has assigned PT MNC Sekuritas and PT KGI Sekuritas Indonesia as its underwriters. (KR/ZH)