JAKARTA. PT Benteng Api Technic Tbk (BATR), a manufacturer and distributor of refractory or heat-resistant materials, will conduct its initial public offering (IPO) to raise funds of up to IDR 71.3 billion.

In the issued prospectus, BATR is said to issue 620 million new shares through IPO, worth IDR 20 each. The number of offered shares is equal to approximately 20.50% of total issued and paid-up capital of BATR.

BATR plans to set IPO price to IDR 100-115 per share. With said price range, the company potentially raises fresh funds of IDR 62 billion to IDR 71.3 billion from its IPO.

BATR will allocate approximately 36.93% of IPO proceeds to acquire land and building from affiliates. Then, another 9.56% will be allocated for building construction and renovation, followed by another 5.42% for laboratory equipment, 6.54% for manufacturing machine, and 41.55% for operational expenditures, including inventories of finished goods and raw materials.

Until November 30, 2023, BATR records total assets of IDR 112.73 billion and total equity of IDR 71.29 billion. The net profit margin is reported to be at 8.27%.

BATR has assigned PT KGI Sekuritas Indonesia as the lead underwriter of its IPO. The public offering will start on June 3 until June 5, 2024. The distribution of the shares will then follow on June 6, 2024, before being concluded with the stock listing on Indonesia Stock Exchange (IDX) on June 10, 2024. (KR/ZH)