TRON IPO Excess Request 27 Times, There Are Foreign Investors From 6 Countries

Share illustration (Photo: Doc. Antara)

JAKARTA - PT Teknologi Karya Digital Nusa Tbk (TRON) recorded an oversubscribed of approximately 27.29 times during the public offering period.

The offering period is from March 2 to March 6, 2023. The purchases of shares are spread across 34 provinces in Indonesia and 6 countries including China, Italy, Japan, North Korea, South Korea and Malaysia.

"The excess demand is a form of investor confidence in the company's condition, as well as confidence in the potential growth of the company's business in the future," said TRON President Director David Santoso quoting Antara.

In the Initial Public Offering (IPO) or initial public offering, TRON offered as many as 750 thousand ordinary shares or 25.42 percent of the issued and fully paid capital after the IPO with an initial price of IDR 180 per share, so TRON will pocket an IPO of IDR 135 billion.

David continued that the proceeds from the IPO will be used for several purposes, including 30 percent for capital expenditures in the form of additional operational areas located in West Java.

We will also develop a system that is in line with the expansion that will start gradually from the second quarter of 2023. Transactions to expand operational areas will also be carried out with third parties in the second quarter of 2023, while the addition and development of the system will be carried out with third parties in the third quarter of 2023," said David.

The remaining IPO funds will be used for working capital consisting of operational costs, smart city development work projects and business solutions providers in transportation aspects in various cities in Indonesia.

In addition, labor costs and the purchase of raw materials for products as well as the development of the distribution segment for product and service sales through the Business-to-Business (B2B) and Business-to-consumer (B2C) channels.

David said the IPO is an important decision for companies to continue to grow sustainably, where the business segment is being worked on, namely the telematics-based information system and IoT for the development of smart cities with great potential in Indonesia.

Currently, according to him, TRON has a business prospect to develop B2B lines by exploring the potential for cooperation with dominant players in the logistics industry.

In addition, the development of technology for a wide community of B2C (business to consumer), which is currently being planned is a card system for universal payments that are not bound to certain and universal banks.

"With the increasing number of commuters, the use of this universal payment system is very much needed and will make it very easy for people to use various modes of transportation," said David.

TRON recorded revenues of IDR 84.04 billion as of November 2022, up 216 percent from November 2021 of IDR 26.59 billion.

Meanwhile, net profit reached IDR 13.40 billion as of November 2022, a significant increase of 198 percent from the previous November of IDR 4.50 billion.