JAKARTA. PT Benteng Api Technic Tbk (BATR), a heat-resistant and insulation material, has set the initial public offering (IPO) price to IDR 110 per share.

Said price is right at the middle of the range initially set by BATR during the book building phase, from IDR 105 to IDR 115 per share. With said price, the company will potentially rake in fresh funds of IDR 68.2 billion.

As mentioned by IDNFinancials before, BATR plans to issue 620 million shares in its IPO, which are equal to 20.50% of its total issued and paid-up capital post-IPO.

The public offering of BATR’s shares will take palce from June 3 to 6, 2024, with the electronic distribution of shares follows on June 7, 2024. Then, the listing on Indonesia Stock Exchange (IDX) is set to June 10, 2024.

In the issued prospectus, BATR is said to allocate approximately 38.65% of IPO proceeds to acquire assets, in the form of land and building. Then, another 10% will be channelled to fund construction and renovation of its buildings, followed by 5.67% for laboratory equipment, and another 6.84% for operational expenditure (opex) of the company. (KR/ZH)