Officially Listed on the Stock Exchange, CGAS Share Price Opened up 24.85 Percent

Photo: (Aris Nurjani/VOI)

JAKARTA - PT Citra Nusantara Gemilang Tbk (CGAS) or CNG officially registered its initial public offering (IPO) on the Indonesia Stock Exchange (BEI), on Monday, January 8.

At its opening at 09.02 a.m. Western Indonesian Time (WIB), CGAS shares rose 24.85 percent to a price of IDR 422.

"Today is a new milestone for the company which makes us motivated to improve performance and increase the company's growth positively, realizing all targets for development and innovation so that it has a positive impact on the company," said CGAS President Director, Andika Purwonugroho during the CGAS Share Listing Ceremony at the Jakarta Indonesia Stock Exchange Building on Monday, January 8, 2024.

Quoting the prospectus, CGAS is offering 531.4 million new shares with a nominal value of IDR 50 per share or the number of shares released through this IPO is equivalent to 30 percent of the fully paid-up and issued capital after the IPO.

The total orders received reached 7.88 billion shares.

In addition, CGAS set the IPO price at IDR 338 per share. So, CGAS has the potential to pocket fresh funds of IDR 179.62 billion from the IPO.

Meanwhile, the market capitalization value reached IDR 598.7 billion.

CGAS will be listed on the BEI development board and become the second listed company on the BEI in 2024.

CGAS also issued a maximum of 265.71 million Series I Warrants or 21.43 percent of the total number of issued and fully paid shares.

Each holder of the two shares offered is entitled to obtain one Series I Waren, where each warrant gives the right to purchase company shares at an exercise price of IDR 306.

Series I Warrants will be exercised after six months from issuance, namely July 8 2024 to January 7, 2025.

So the value of the results from implementing Waren Series I is a maximum of around IDR 81 billion.