JAKARTA – The Indonesia Stock Exchange (IDX) welcomed a new pharmaceutical issuer, PT Brigit Biofarmaka Teknologi Tbk (OBAT), following its Initial Public Offering (IPO) on Monday, January 13.

In this corporate action, OBAT offered 170 million shares, equivalent to 28.33% of its issued and paid-up capital post-IPO. With an offering price of IDR 350 per share, the company raised IDR 59.5 billion.

Alongside the IPO, OBAT also issued 85 million series I warrants as a bonus. The warrants will be distributed at a 2:1 ratio, meaning shareholders holding two OBAT shares will receive one series I warrant, which can later be used to purchase one share at IDR 350.

"All funds raised from this Public Offering, after deducting issuance costs, will be entirely used for working capital, including the purchase of raw materials, production expansion, and marketing development," OBAT management stated in the prospectus.

In addition to the warrant bonus, OBAT also promised a maximum dividend allocation of 50% from post-IPO profits. It is worth noting that OBAT has consistently distributed dividends to its shareholders, amounting to IDR 40 billion over the past five years.

In its debut offering, OBAT shares were oversubscribed by 45 times. “This oversubscription is a clear indication that Brigit Biofarmaka Teknologi’s potential is recognized and trusted,” said Is Hariyanto, President Director of OBAT, in his remarks this morning (13/1).

As of 9:40 AM, OBAT's stock price had surged 16.57%, reaching IDR 408 per share. (ZH)