Jakarta, CNBC Indonesia – PT Mitra Angkasa Sejahtera starts the initial bidding process or bookbuilding as a series of initial public offering (IPO) events. This nut and bolt distributor sets a price range of Rp 100/share to Rp 110/share in a process that started yesterday, Tuesday (4/1/2022), and ends on January 10, 2022.
Citing the prospectus, Wednesday (5/1/2022), Mitra Angkasa Sejahtera will issue a maximum of 1.45 billion shares. This amount is equivalent to 30.21% of the issued and fully paid capital after the public offering.
This means that the company will reap fresh funds of between Rp. 145 billion and Rp. 159.5 billion. Mitra Angkasa Sejahtera will use 6% of the proceeds from the IPO for payment of trade payables to suppliers, namely NA Fasteners Pte. Ltd.
The remainder will be used to purchase inventory, both inventory related to existing products (existing) as well as supplies of new products that have not been provided so far, such as full range nuts and bolts made of stainless steel, socket cap screws and hand tools.
If the funds from the IPO are not able to meet the funding for the two plans, the company will use funding from internal cash. Mitra Angkasa Sejahtera also opens up opportunities to seek new funding in the form of loan instruments.
As a sweetener, Mitra Angkasa Sejahtera will issue a maximum of 1.16 billion Series I Warrants. These warrants will be given free of charge as an incentive to new shareholders whose names are recorded in the shareholder register on the allotment date. Each holder of 10 new shares will receive 8 warrants.
The warrant has a nominal value of Rp. 10 with an exercise price of Rp. 125 which can be exercised after six months and is valid from 27 July 2022 to 24 January 2025. From these warrants, the company will get a maximum of Rp 145 billion.
Meanwhile, the funds from the warrants will be used for working capital, such as for the purchase of inventories, both inventories related to the Company’s existing products, as well as supplies of new products that have not been provided so far.
The company cooperates with PT UOB Kay Hian Sekuritas as the underwriter for the issuance of securities.
Regarding the schedule, the company targets to get effective from the Financial Services Authority (OJK) on January 18, 2022 and conduct a public offering on January 20-25, 2022. The allotment date will fall on January 25, 2022 and the distribution of shares and warrants series I will be on January 26 2022. The listing of these shares will be carried out on January 27, 2022.
(mon / dhf)
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