Ready For IPO, Multivision Plus Boss Reveals Many Artists Ask To Be Paid With Shares

Multivision Plus Owner and President Commissioner, Raam Punjabi (Photo: Maria Trisnawati/VOI)

PT Tripar Multivision Plus Tbk will list its initial shares (IPO) by releasing a maximum of 929,200,000 shares or 15 percent of its total shares.

The owner and President Commissioner of Multivision Plus, Raam Punjabi, admitted that many artists under his auspices asked to be paid RAAM shares. However, he emphasized that he was subject to government regulations and left the IPO business entirely to underwriters.

"So I got input that many offered 'I don't pay with money but pay with shares'. But because there are government regulations where I can't buy shares other than those sold by our underwriters, I reject the request," he told the media quoted on Thursday, April 13.

For this reason, he also asked artists and people interested in owning RAAM shares to participate in buying shares when RAAM officially took the floor on the stock exchange. He estimates RAAM will list its initial shares on May 9.

"I said we have to follow government regulations. On May 9, we can only buy it in the capital market," said Raam.

Just so you know, the issuer with the code RAAM is targeting to get fresh funds of IDR 232.3 billion at a nominal price of IDR 60 per share and a public offering price of IDR 224 - 250 per share.

President Director of PT Tripar Multivision Tbk Whora Anita Totalnath explained, later the funds from the IPO results will be used by the Company for working capital and additional capital for subsidiaries in the cinema sector.

"81.60 percent will be used as working capital, and the remaining 18.40 percent will be used to inject capital into subsidiaries in the cinema sector," he said in a public expose in Jakarta, Wednesday, April 12.

The initial offering period will take place from 11 to 18 April 2023 and the estimated effective date will be on 28 April 2023.

Meanwhile, the estimated initial public offering period will be carried out from May 3 to May 5, 2023 and the estimated date of listing on the Indonesia Stock Exchange will be held on May 9, 2023.