JAKARTA. PT Newport Marine Services Tbk (BOAT), a vessel charter service for offshore oil and gas industry, has set the initial public offering (IPO) price to IDR 100 per share.

The price was rights at the lower limit of the book building price range set initially by BOAT, from IDR 100 to IDR 120 per share.

With said offering price, BOAT will potentially gain fresh funds of up to IDR 100 billion from the IPO, as the number of shares issued by the company for the IPO clocks up to 1 billion shares.

Then, approximately USD 4.79 million or IDR 75 billion of total IPO proceeds will be used by BOAT to pay off some of loan principals, leaving the remaining to be utilised as working capital.

The public offering of BOAT’s shares takes place from November 4 to 8, 2024, with the electronic distribution of the shares follow on November 11, and the listing on Indonesia Stock Exchange (IDX) on November 12, 2024. (KR/ZH)