Target Funds IDR 165 Billion, TRON Sets IPO Price at IDR 140-IDR 220 per Share

Share illustration (Photo: Doc. Antara)

JAKARTA - PT Teknologi Karya Digital Nusa Tbk will list its shares on the Indonesia Stock Exchange. The company with the issuer code TRON offers an initial public offering (IPO) price of IDR 140 to IDR 220 per share.

The initial offering period (book building) will take place on February 10-20 2023 and the public offering period will take place on February 28-March 3 2023 with the target of listing the shares on the IDX on March 7 2023.

"The business segment being worked on is telematics and IoT-based information systems for the development of smart cities with great potential in Indonesia. In addition, currently, public transportation is a reliable choice, so an intelligent transportation system (ITS) is urgently needed", said the President Director TRON, David Santoso, quoting Antara on Wednesday, February 15.

In the IPO, the company releases a maximum of 750 million shares or a maximum of 25.42 per cent of the company's issued and fully paid capital after the IPO.

The company targets IDR 165 billion in proceeds from the IPO and appoints PT Surya Fajar Sekuritas as Underwriter for the Issue.

"After deducting the proceeds from the IPO, we will use around 30 per cent of the proceeds for capital expenditure in the form of an additional operational area located in West Java", said David.

He continued, other IPO funds will be used for working capital, including operational costs for smart city development projects and business solution providers in the aspect of transportation in various cities in Indonesia, labour costs, and purchase of product raw materials.

In addition, to develop the sales distribution segment of products and services through business-to-business (B2B) and business-to-consumer (B2C) channels which are used for the development of business process outsourcing (BPO) lines of business.

On the same occasion, Steffen Fang, Main Director of PT Surya Fajar Sekuritas, said that the IPO price had taken into account all aspects and reflected an attractive valuation.

"We hope that many people can own stocks that have solid fundamentals with attractive and affordable price valuations", he said.

TRON recorded revenue of IDR 84.04 billion as of November 2022 or shot up 216 per cent year on year (YoY) from IDR 26.59 billion in November 2021.

The company's net profit was recorded at IDR 13.40 billion as of November 2022, an increase from the previous same period of IDR 4.50 billion.

After the IPO, the company's share composition became PT Daya Kemilau at 74.43 per cent, David Santoso at 0.11 per cent, Rudy Budiman at 0.04 per cent, and public investors at 25.42 per cent.