JAKARTA – PT Bangun Kosambi Sukses Tbk (CBDK), a subsidiary of PT Pantai Indah Kapuk Dua Tbk (PANI), successfully held its initial public offering (IPO) on the Indonesia Stock Exchange (IDX) today (13/1).

Despite its strong reputation bolstered by its parent company, CBDK offered only 10% of its issued and paid-up capital to the public, equating to 566.9 million shares.

“According to the data we received, the IPO was oversubscribed by approximately 344.2 times, with around 155,844 investors,” said Steven Kusumo, President Director of CBDK, in his address today (13/1).

The stock price of CBDK is considered quite premium, offered at IDR 4,060 per share, and is projected to raise up to IDR 2.3 trillion from this corporate action.

All proceeds from the IPO will be used by the company to inject capital into its affiliate, PT Industri Pameran Nusantara (IPN), through the purchase of 15.3 million series B shares, representing a 99.9% ownership stake.

“The funds raised from the new share issuance will be utilized by IPN as additional funding to finance the construction of a building for Meetings, Incentives, Conferences, and Exhibitions (MICE),” the company stated in its prospectus.

“We expect this MICE project to become the latest icon of the CBD PIK 2 area and support economic growth as an economic driver,” Kusumo said, concluding his opening remarks this morning.

Shortly after trading opened today, CBDK shares hit the upper limit for Auto Reject (ARA), surging 25% from IDR 4,060 to IDR 5,075 per share. (ZH)