Maxindo Karya Anugerah Listing On The Stock Exchange, Shares Directly ARB 15 Percent

JAKARTA - PT Maxindo Karya Anugerah Tbk (MAXI) officially entered the Indonesia Stock Exchange (IDX). Where, the initial public offering (IPO) price immediately fell due to the Lower Auto Reject (ARB).

Based on trading data until 10:00 WIB, MAXI's share price fell 15 percent to the level of IDR 85 from the public offering price level of IDR 100 per share.

President Director Sarkoro Handajani said the company released as many as 1 billion shares with an initial bid price of Rp100 per share, appointing PT Shinhan Sekuritas Indonesia as Lead Underwriter.

He explained that the company's move to enter the capital market through the IPO is part of a strategy to increase working capital so that it can increase production capacity and also increase product diversification.

Sarkoro said he was optimistic about the current business prospects, which MAXI has a very wide market share in foreign countries, especially now that the snack sector industry is showing a positive growth trend.

He explained that the company is engaged in the snack food industry, including crackers, chips, rempeyek, and so on, which stood in 1977 and started on the scale of the household industry, located in Bogor, West Java.

He said the company used 100 percent local tubers' basic materials and its production was exported 99 percent to foreign countries such as America, Europe, Australia, Japan and others.

With a strong commitment to produce products that are of high quality and trusted by consumers, the company certifies all its products through certification institutions such as BRCGS (which are the highest food safety standards in the world), GMO, ISO 9001, Gluten Free, Halal, Kosher to Rainforest Alliance certification.

He explained that the company is the only one in the world that has Rainforest Alliance certification for cassava plants, which market its products under the MAXI brand and also produces with a private label model, where the brand used is a brand that fits the customer demand from their respective countries.

Meanwhile, Director of PT Shinhan Sekuritas Indonesia Tenny PW Juniawarman said that MAXI shares received quite positive interest from investors.

"We are grateful for the high enthusiasm of investors for the MAXI IPO. The occurrence of oversubscribed is a tangible manifestation of the trust given by investors for the bright prospects of the snack industry managed by the company. This transaction shows the efforts and ability of Shinhan Sekuritas Indonesia to support our clients to list in Indonesia," said Sarkoro.