JAKARTA - PT Kian Santang Muliatama Tbk (RGAS) realised almost all of its Initial Public Offering (IPO) proceeds of IDR 35.18 billion. The company listed on the capital market on November 8, 2023 with net proceeds of IDR 35.19 billion.

Quoted on Monday (13/1), Sutarno, Director of RGAS, said that the remaining IDR 10.8 million of the IPO proceeds were placed in Bank Syariah Indonesia with an interest rate of 0.04%.

The IPO proceeds were realised, among others, for the acquisition of 99% shares of PT Kian Santang IDR 11.68 billion and working capital of IDR 3 billion, acquisition of 99% shares of PT Karya Instrumindo Simpati IDR 4.31 billion and working capital of IDR 2 billion, acquisition of Ergas and Kians brands of PT Ergas Kians Ikoning Rp9.63 billion, working capital of RGAS of IDR 7.06 billion.

During the IPO, RGAS offered 334.2 million shares at an offering price of IDR120 per share. The number of shares issued was 22.90% of RGAS' issued and fully paid-up capital after the IPO.(LK/LM)