Jakarta, CNBC Indonesia – A company engaged in the Avian brand paint business, PT Avia Avian, plans to conduct an initial public offering (IPO) on the Indonesia Stock Exchange.
In the prospectus published, the company offers a maximum of 6,200,000,000 new shares with a nominal value of each share of Rp10 or 10% of the company’s issued capital.
The price of the IPO public offering is in the range of Rp 780 per share to Rp 930 per share, so that, from this IPO, the company has the potential to raise funds of a maximum of Rp 5.76 trillion or almost Rp 6 trillion.
This amount is higher than the maximum target of IPO funds for Cimory dairy and food producer, PT Cisarua Mountain Dairy.
Along with the IPO, the Company will allocate a maximum of 2% of the shares offered at the time of the initial public offering for the Employee Stock Allocation (ESA) program of 124,000,000 shares with the ESA exercise price equal to the offering price. .
According to the plan, the company will use 54.50% of the IPO funds for working capital, which includes but is not limited to payments to suppliers, purchase of supplies, operational costs and other working capital.
Around 18.20% will be used by PT Tirtakencana Tatawarna (TKTW) for working capital, which includes but is not limited to payments to suppliers, purchase of supplies, operational costs and other working capital.
Furthermore, around 14.00% will be used by the company in the period 2022 – 2024 for capital expenditure for manufacturing facilities. The remaining 13.30% will be used to pay off the principal of the company’s bank debt and TKTW, a subsidiary.
In this IPO, the company appointed PT Mandiri Sekuritas as the underwriter for the issuance of securities. Meanwhile, PT UBS Sekuritas Indonesia PT Credit Suisse Sekuritas Indonesia acted as the underwriter.
The initial bidding period is scheduled to run from 12 November to 18 November 2021.
Estimated effective date from the Financial Services Authority (OJK) on November 29. The initial public offering period will last from December 1 to December 3. The allotment date is December 3. Meanwhile, the listing of shares on the IDX will be on December 7, 2021.
For information, PT Avian Avia or known as Avian Brands is an Indonesian paint and chemical products company headquartered in Surabaya.
The company was founded on November 1, 1978 in Sidoarjo Regency by Tan Tek Swie (Soetikno Tanoko). Avian Brands’ second factory opened in Serang City, Banten in 1996, and a third factory opened in Medan, North Sumatra in 2007.
Soetikno Tanoko passed away on Sunday 1 November 2020. Now his son Hermanto Tanoko become the ultimate beneficial owner and controller of the building materials retail business (Building Depot), PT Caturkarda Depo Bangunan, which will also be listed on the IDX on November 25. He owns a building depot with Budyanto Totong and Kmbiyanto Kettin.
Hermanto Tanoko, an entrepreneur from Surabaya is also the Group CEO of Tancorp Abadi Nusantara which oversees 8 subholding companies, including Avian.
Meanwhile, Budyanto Totong serves as the President Director of PT Catur Sentosa Adiprana Tbk (CSAP), a holding and operating company that has various corporate entities engaged in various business models. CSA entities are engaged in distribution, modern retail such as Mitra10 and Atria.
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