JAKARTA – PT Jantra Grupo Indonesia Tbk (KAQI) and PT Sinar Terang Mandiri Tbk (MINE), two companies set to list on the Indonesia Stock Exchange (IDX) in March, have announced their initial public offering (IPO) prices.

KAQI, formerly KAKI, will offer 450 million shares (21.68%) at IDR 118 per share. This price is at the upper range of the projected price during bookbuilding, which was IDR 100-120.

With this price, KAQI is expected to raise IDR 53.1 billion from the corporate action. KAQI will hold its IPO on 4-6 March, with the listing date set for 10 March 2025.

Until August 2024, KAQI’s assets clocked up to IDR 74.1 billion. The company, which operates Jantrakakikaki auto workshops, is supported by PT RHB Sekuritas Indonesia as the underwriter.

Meanwhile, MINE has set its IPO price at the upper limit of the bookbuilding range, IDR 216 per share. The company will offer 612.67 million shares, or 15% of the issued and paid-up capital post-IPO.

Thus, MINE is projected to raise IDR 132.34 billion from the IPO. Like KAQI, the IPO will be held from 4-6 March, with the listing on 10 March 2025.

MINE booked quite a sizeable amount of assets as of August 2024, of IDR 1.5 trillion. This contractor for Weda Bay Nickel is supported by PT Trimegah Sekuritas Indonesia Tbk (TRIM) as the underwriter.

These two IPOs mark the end of a quiet period for public offerings on the IDX amid a sluggish Jakarta Composite Index (JCI). As of 13:34 WIB today (4/3), the JCI has weakened by 1.26%, hitting 6,437.739. (ZH/VA)