JAKARTA. PT Remala Abadi Tbk (DATA), an internet service provider (ISP) and IT consultant company, has set the price for its initial public offering (IPO) to IDR 188 per share.

This offering price is actually the lowest of the range set during the book building phase, which span from IDR 188 to IDR 208 per share. With said price, the company will potentially secure fresh funds of up to IDR 51.7 billion from its IPO.

As mentioned by IDNFinancials before, DATA will release 275 million shares in its IPO. The number of shares issued in this IPO is equal to 20% of its issued and paid-up capital.

DATA has assigned PT UOB Kay Hian Sekuritas as the underwriter. The public offering will take place from April 29 to May 3, 2024. Then, the electronic distribution of the shares will follow on May 6, while the listing on Indonesia Stock Exchange (IDX) is set to May 7, 2024.

In the issued prospectus, DATA plans to allocate approximately IDR 19.97 billion of the IPO proceeds to acquire PT Fiber Media Indonesia. Then, another IDR 26.88 billion will be allocated to acquire more assets, leaving the remaining to its working capital.

As of now, 96% of DATA is controlled by Verah Wahyudi Singgih Wong. Then, Jimmi Anka owns another 4%. After this IPO, Wong’s portion will decrease to 76.80%, while Jimmi Anka will claim the remaining 3.20%. (KR/ZH)