Jakarta, CNBC Indonesia – A company engaged in the coconut oil processing industry, PT Indo Pureco Pratama Tbk (IPPE) listed its initial shares on the Indonesia Stock Exchange (IDX). IPPE’s share price shot up when it was first listed on the stock exchange board and this reversed with a big IPO whose shares collapsed when transacted on the secondary market.
The company became the 51st issuer this year and the 763rd by releasing 1 billion shares or 21.74% of the issued and fully paid capital with an initial share price of Rp 100 per share. Thus, from the IPO, the company received funds of Rp 100 billion.
When it debuted on the floor, IPPE’s shares were observed to have strengthened by 35 percent to Rp 135 per share after being traded 5,258 times with a volume of 113.34 million shares. Currently, IPPE’s market capitalization value reaches Rp. 621 billion.
The President Director of IPPE, Syahmenan said, the company’s move to enter the IDX through an IPO is part of a strategy to increase business expansion, funding capacity, better governance, and the principle of transparency of the Company as a public company, which is expected to be an added value for stakeholders.
Furthermore, explained Syahmenan, coconut is also an important commodity for the Indonesian people and can be a driving force for the people’s economy. This can be seen from the management of coconut plantations in Indonesia, which are mostly managed by farmer households. Therefore, the development of coconut into a product with high economic value can improve people’s welfare and improve the national economy.
Currently, Indonesia’s coconut products are mostly traded in the form of fresh coconut, copra or coconut oil. Increasing the added value of coconut commodities into high value added products such as copra and coconut oil needs to be improved.
“The company develops green economics and prepares comprehensive strategies that are expected to maintain and increase the Company’s market share in the coconut oil processing industry, one of which is by becoming a public company,” said Syahmenan, in an official statement, Thursday (9/12/2021). ).
The plan to use the funds obtained from the IPO, about 40.83% of the IPO funds will be used for capital expenditures and the remaining 39.11% of the IPO funds will be used for working capital.
In detail, the use of funds from the procurement of public offerings used for capital expenditure of which about 40.83% is used for the purchase of machines for the plant CCO (Crude Coconut Oil), RBD (Refined Bleaching Deodorised), VCO (Virgin Coconut Oil), and Packaging, about 34.84% is used for plant construction (new establishment and expansion), about 24.33% is used for the purchase of stock tanks.
“While working capital is used for purchasing raw materials, office operations, licensing, transportation, production costs, and other operations,” continued Syahmenan.
For information, the company is engaged in the coconut oil processing industry. The Company was established on March 20, 2019 and made commercial sales in May 2019 with Virgin Coconut Oil (VCO) products. The factory is located in Batununggul 1 Balimbing, West Pagaden District, Subang Regency, West Java Province.
The products produced by the Company are as follows Virgin Coconut Oil (VCO), Pure Coconut Oil (PCO), Crude Coconut Oil (CCO), and Copra Meal (CM).
The Company has one subsidiary, namely PT Agrindo Lestari Jaya which has land assets in the form of land covering an area of 13,587 ha located in Katingan Regency, Central Kalimantan which will be designated as coconut plantation land to support raw material needs.
(sys / hps)
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