JAKARTA. PT Dunia Virtual Online Tbk (AREA), a data centre provider, will issue its initial public offering (IPO) of 510 million shares in Indonesia Stock Exchange (IDX).

The number of shares offered by AREA is equal to 20.08% of total issued and paid-up capital post-IPO. Each share has a face value of IDR 75 per share.

Based on the initial prospectus, AREA is said to arrange the IPO price from IDR 121 to IDR 131 per share. Assuming that the offering price is set to IDR 131 per share, the company will potentially gain fresh funds of up to IDR 66.81 billion from IPO.

AREA has assigned PT Panin Sekuritas Tbk (PANS) as the lead underwriter for the IPO. The book building is also scheduled to last until March 13, 2023, before the public offering that will take place from March 25 to 27, and the stock listing on IDX on April 1, 2024.

In general, AREA plans to allocate half of the IPO proceeds to capital expenditure. Then, another 35.83% will be channelled to its working capital.

As of now, 47.63% of AREA is under the control of PT Dwi Tunggal Putra. Then, another 38.46% belong to Sugeng Alifen, followed by 13.83% to Michael Kurnia Wirawan Alifen, and 0.08% to Vonny Stephanie Budisatyo. (KR/ZH)