Official IPO, MSTI Shares And Compact IKPM Rise

Illustration (Photo: Doc. Antara)

JAKARTA - PT Mastersystem Infotama Tbk (MSTI) and PT Ikapharmindo Putramas Tbk (IKPM) officially took the floor on the Indonesia Stock Exchange (IDX), Wednesday, November 8.

MSTI's share movement at 09.15 WIB shot 255 or 18.82 percent to a price position of Rp1,610.

In this initial public offering, alias Initial Public Offering (IPO), MSTI released as many as 470.82 million shares or equivalent to 15 percent of the company's issued capital, and paid the company after the IPO process with an offering price of Rp1,355 per share, so that it received fresh funds of Rp637.97 billion.

In addition, MSTI created a Share Ownership Option Program for Management and Employees (MESOP) by issuing new shares of a maximum of 80.04 million ordinary shares in the name or as much as 3 percent of the issued and paid-up capital.

The funds obtained from the share IPO will be used to pay off part of the principal debt to PT Bank OCBC NISP Tbk amounting to IDR 101.5 billion.

Meanwhile, the remaining proceeds from the IPO proceeds are used for working capital needs in order to support business activities, including but not limited to financing the company's operational activities.

Furthermore, IKPM shares rose 17.58 percent to a price position of IDR 194 per share.

IKPM released 336.932.500 new shares or equivalent to 20 percent of the total issued and paid-up capital after the IPO,

So that the total value of this IPO reaches Rp55.59 billion.

For information, IKPM is a pharmaceutical company in the country which has been in the country since 1978. Its main business activities are the pharmaceutical product industry, the traditional medicinal product industry, the cosmetics industry, the pharmaceutical material industry, the tissue paper industry, and others.

Following the listing of shares, the company also held an Employee Stock Allocation (ESA) Program, offering a maximum of 100,000 shares or 0.03 percent of the shares offered in public offerings.

Regarding the use of funds, 50 percent of the IPO funds will be used for capital goods expenditure, with details of 66.67 percent for the renovation of the factory building in Sumedang to increase the company's production capacity in 2024.

Around 33.33 percent will be used to purchase machinery to third parties, in order to increase production capacity and efficiency of the company's business activities planned for 2024.

Meanwhile, 50 percent will be used to strengthen the company's cash funds to finance the company's working capital activities.