Official IPO Initial Offering Title, Bank Sumut Offers Shares From IDR 350 To IDR 510 With A Maximum Fund Target Of IDR 1.49 Trillion

Illustration. (Photo: Doc. Antara)

JAKARTA - PT Bank Pembangunan Daerah Sumatera Utara Tbk or Bank Sumut officially released the prospectus of an initial public offering (IPO) today (Thursday, January 5). Through the prospectus, Bank Sumut also explained the plan for the number of shares to be released.

Quoting e-ipo.co.id, Bank Sumut, which will use the BMST code, will release 2.93 billion series B shares with a nominal value of IDR 250. This amount is equivalent to 23 percent of the issued capital in full deposits.

The price offered by the company starts from IDR 350 to IDR 510 per share. This means that Bank Sumut has the potential to raise funds of IDR 1.03 trillion to IDR 1.49 trillion.

If realized, the proceeds from the IPO will be used by Bank Sumut for several purposes. Among them, 80 percent for working capital and the remaining 20 percent for network expansion and technology development.

Based on this plan, Bank Sumut starts its initial offering period today until January 18, to further get an effective statement from the Financial Services Authority (OJK) on January 30.

After that, the company will start a public offering period on February 1-3 to be able to list shares on the Indonesia Stock Exchange (IDX) on February 7, 2023.

As additional information, the company appointed PT Aldiracita Sekuritas Indonesia, PT BRI Danareksa Sekuritas, PT RHB Sekuritas Indonesia, and PT UOB Kayhian Sekuritas as underwriters.