JAKARTA – PT Cisarua Mountain Dairy Tbk (CMRY), also known as Cimory, has announced the realization of its initial public offering (IPO) proceeds as of December 31, 2024.

In a disclosure on Tuesday (14/1), CMRY reported that it had utilized IDR 1.37 trillion of the total IPO proceeds, which amounted to IDR 3.57 trillion after deducting issuance costs.

Data from the Indonesia Stock Exchange (IDX) disclosure shows that this utilization represents only 38.58% of the total IPO proceeds.

Cimory provided a detailed breakdown of the IPO fund usage. The expansion of production capacity accounted for IDR 903.44 billion, while distribution channel expansion absorbed IDR 223 billion, followed by working capital and other activities amounting to IDR 251.06 billion.

The company, which specializes in premium dairy and food products, has yet to allocate the IPO proceeds to two of its subsidiaries, as mentioned in its IPO prospectus.

They consist of PT Macroprima Panganutama, which was allocated IDR 892.4 billion, and PT Macrosentra Niagaboga, with a planned allocation of IDR 713.93 billion.

As of now, the remaining IPO funds amount to IDR 2.19 trillion, with the majority of this balance placed in time deposits, demand deposits, and bonds.

Previously, CMRY set a revenue target for 2024 at IDR 8.97 trillion, reflecting a 15.47% increase compared to last year’s revenue of IDR 7.7 trillion. By Q3 2024, the company had recorded sales of IDR 6.64 trillion. (DK/ZH)