Will IPO, Griptha Kudus Hotel Aims For Fresh Funds Of IDR 20.6 Billion

Indonesian capital market (Photo: dock. Antara)

JAKARTA - PT Griptha Putra Persada Tbk (GRPH) has set an Initial Public Offering (IPO) of IDR 103 per share. This hotel property company has an IPO period from 12 January 2024 to 16 January 2024.

In the IPO, the company released 200 thousand new shares or equivalent to 20 percent of the paid-up and fully placed capital, targeting fresh funds worth IDR 20.6 billion, and appointing PT Elit Sukses Sekuritas as the Implementing Guarantee for Emissions.

President Director of PT Elit Sukses Sekuritas Effendy Irawan said the agreement between his party and the company in determining the IPO price of Rp103 had considered a number of factors.

Effendy explained that this factor included market conditions when book building was carried out by considering the ratios of similar companies that had been listed on the Indonesia Stock Exchange (IDX), however, were not limited to the Price Earning Ratio (PER) and Price to Book Value (PBV).

He explained, with the offered share price of Rp103 per share, a PER of 3.02x was obtained, while, from the calculation results, the Company's PBV value was 1.95x.

"In addition, of course, the results of book building recorded oversubscribe conditions of 2.25 times," said Effendy quoting Antara.

Previously, GRPH President Director Alexius Kenny Putra Wijaya said the company's main business was divided into two segments, namely hotels and restaurants, one of which was the 1.1 hectare Griptha Hotel (ha) which is the largest hotel and the only 4 star in Kudus City.

"Our Hotel Facilities are the best in Kudus City, with 138 rooms consisting of Deluxe, Business and Suite types, and supported by 7 function rooms and 1 ballroom which can accommodate 700 invited guests plus swimming pool facilities, fitness centers and children's recreation areas", said Alexius.