Avian Paint Manufacturer Owned By Conglomerate Hermanto Tanoko Prepares IPO And Will Raise IDR 5.76 Trillion In Funds
JAKARTA - PT Avia Avian Tbk is preparing to go public on the Indonesia Stock Exchange (IDX) in the near future. This paint company owned by conglomerate Hermanto Tanoko conducted an initial public offering of up to 6.2 billion shares.
In Avian's prospectus, quoted Friday 11 November, this amount represents 10.0075 percent of the issued and paid-up capital after the IPO. The offer price ranges from IDR 780 to IDR 930.
"The total value of Avian's initial public offering is Rp5.76 trillion," Avian's management wrote.
Avian also allocates a maximum of 2 percent of the shares offered in the IPO as shares to employees or Employee Stock Allocation (ESA). In Avia Avian's IPO, the underwriters were PT Mandiri Sekuritas, and the underwriters were PT UBS Sekuritas Indonesia and PT Credit Suisse Sekuritas Indonesia.
"The underwriters guarantee with full commitment the remaining shares offered that are not subscribed in the IPO," explained management.
The following is Avia Avian's planned IPO schedule and is listed on the Indonesia Stock Exchange (IDX):
- Initial offer period: 12 November-18 November 2021
- Estimated effective date: 29 November 2021
- Estimated period of initial public offering: 1 December-3 December 2021
- Estimated allotment date: 3 December 2021
- Estimated date of distribution of shares electronically: December 6, 2021
- Estimated order refund date: December 6, 2021
- Estimated date of listing on BE : 7 December 2021
For information, PT Avian Avia Tbk 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 is 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 25 next November. 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.