JAKARTA. PT Cipta Perdana Lancar Tbk (PART), a spare part and automotive component manufacturer, will issue 680 million of its shares in Indonesia Stock Exchange (IDX) through an initial public offering (IPO).

The number of shares issued by PART will be equal to 25% of issued and paid-up capital post-IPO. Each share has a face value of IDR 25, and will be offered for a price ranging from IDR 100 to IDR 105.

Assuming that the IPO price set to the upper limit, PART will potentially rake in fresh funds of IDR 71.4 billion from IPO. In the prospectus, PART will allocate approximately 54.39% of IPO proceeds as capital expenditure (capex) for business expansion. The remainder will be allocated as working capital of the company.

PART has assigned PT MNC Sekuritas as the lead underwriter. The initial phase of public offering is set to June 14-24, 2024, followed by the public offering from July 1-3, and listing on the stock exchange on July 5.

Until the end of 2023, PART recorded assets worth IDR 221.38 billion, while total equity clocked up to IDR 63.54 billion. (KR/ZH)