JAKARTA. PT Adiwarna Anugerah Abadi Tbk (NAIK), an issuer that is engaged in the fire protection system sales, has set the initial public offering (IPO) to IDR 107 per share.

The offering price arrived at the upper limit of the estimated range set by the management for the book building, from IDR 100 to IDR 107 per share.

For the record, NAIK will offer 750 million shares in its IPO, equal to 23.08% of total issued and paid-up capital. With the offering price set to IDR 107 each, the company will potentially raise fresh funds of up to IDR 80.25 billion in this IPO.

In the future, all proceeds collected by NAIK from this IPO will be allocated to its working capital. They will be used to purchase raw materials, auxiliary materials, and consumables that will back its business activities.

The public offering of NAIK’s shares will take place from November 7 to 11, 2024, with the listing follows on November 13, 2024. (KR/ZH)