JAKARTA – PT Verona Indah Pictures Tbk (VERN) has officially made its debut on Indonesia Stock Exchange (IDX) as of today (8/10), offering 1.12 billion shares for IDR 195 each. With fresh fund of up to IDR 218.72 billion, VERN plans to branch out to new market: producing movies.

VERN is known to have produced over 4500 episodes of series with over 6000 hours of broadcast. “We plan for series production to still continue, as it is Verona’s backbone,” said Pie Titin Suryano, President Director of VERN, when met after IPO ceremony today (8/10).

“In the future, our strategy is to establish a new business line in movies, films. We have prepared 5-6 titles to be worked on,” added Suryani. Two of which, she said, have entered production stage and are projected to be completed at the end of this year. “So, it might be out next year, at the beginning of the year,” she said.

With the ever-increasing euphoria of cinema-goers, as well as intensified effort on OTT series’ production, VERN is optimistic about doubling its revenue. “This year, our revenue will be around 350 billion. Next year, we aim for it to double,” added Bedy Kunady, President Commissioner of VERN, on the same occasion.

Not only that, the company also sees bottom-line achievement optimistically, aiming to score net profit of up to IDR 40 billion. “As of March, first quarter of the year, the profit had reached over 8 billion. If we multiply it by 4, we will have 32 [billion],” added Kunady.

According to the prospectus and official release, 7.7% of IPO proceeds of VERN will be allocated to acquire land and building from Pie Titin Suryani as the controller of the company.

Meanwhile, the remaining amount, over IDR 200 billion, will be used as working capital and to fund operational needs. “It include, but not limited to, fund the production and/or acquisition of movies/series/digital series and the marketing activities that follow,” concluded the management. (ZH)