JAKARTA - The distributor of bicycles for the Genio Bike, United Bike and Avand Bicycles brands, PT Bike Bersama Indonesia (SBI) is preparing to release shares to the public through an initial public offering (IPO) process.
Citing the offering document released on Monday, February 14, SBI will release 323.33 million shares or 25 percent of the company's issued and paid-up capital. The price range offered is IDR 160 per share to IDR 170 per share.
From the estimated price, SBI could earn Rp 51.73 billion to Rp 54.97 billion.
According to SBI management, all of the proceeds from the IPO, after deducting emission costs, will be used entirely for working capital, in the form of purchasing the company's inventories.
Along with this IPO, the company also issues a maximum of 161.67 million Series I Warrants. Series I Warrants are granted to each shareholder whose name is recorded in the Company's Shareholders Register on the Allotment Date free of charge provided that each holder of two shares whose name is recorded in the DPS Allotment will receive one Series I Warrant.
In holding this action, SBI has appointed PT Trimegah Sekuritas Indonesia Tbk as the underwriter for the issuance.
Investors who will order SBI shares can start participating in the public offering period from March 14-17. If everything goes well, SBI shares will be listed on the Indonesia Stock Exchange on March 21, 2022.
For information, SBI is the sole brand holder of the Genio Bike and United Bike bicycle brands which have been established since 2017.
As of September 30, 2021, SBI earned net sales of IDR 122.94 billion with a net profit of IDR 20.27 billion.
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