JAKARTA - The company owned by the grandson of former President Suharto, Darma Mangkuluhur Hutomo, namely PT Intra GolfLink Resorts Tbk (share code: GOLF) plans to hold an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX). The IPO will target fresh funds worth IDR 713 billion.
"GoLF plans to issue a maximum of 3.1 billion new shares or the equivalent of 15.02 percent of the total issued and fully paid capital through the IPO," said GOLF President Commissioner Darma Mangkuluhur Hutomo.
GOLF will offer new shares in the price range of Rp200 to 230 per share, so that it is targeted to receive fresh funds worth Rp713 billion in the IPO action.
The company will conduct an initial bid (bookbuilding) from June 20 to June 25, 2024, with a public offering set to take place from July 2 to 4, 2024, and targets to be able to list its initial shares on the IDX on July 8, 2024.
Darma said the company would use the majority of the proceeds from the IPO to finance expansion through its subsidiary.
In detail, 87.53 percent will be allocated for capital deposits to PT New Kuta Golf and Ocean View (NKG) which manages the golf business and hotels in Bali.
Then, around 5.34 percent will be used for capital deposits for other company subsidiaries, namely PT Sentul Golf Utama (SGU), and the remaining 7.13 percent will finance the company's operational expenditure (opex) activities.
Darma explained that NKG will use capital deposit funds to finance the construction of a 6-star 'Luxury Boutique Hotel' hotel in Hole 15-Th Cliff Hanger, Pecatu Indah Resort area, Jimbaran Bali.
In addition, to buy an area of 11,332 square meters which is right in front of the hotel for the construction of a number of supporting facilities.
Then, NKG will also develop the "New Kuta Golf Villa" project along with supporting facilities in the same location.
"The golf business in Indonesia has a promising future. We believe that with superior facilities and excellent services, our golf course will be a destination for golf lovers from all over the world as well as contributing to tourism and economic growth in Indonesia," Darma said quoting Antara.
On the same occasion, GOLF President Director Dwi Febri Astuti said that the company's future business prospects would be positive as the number of golfers in the country continued to increase, and Indonesia had begun to become one of the tourist destinations for foreign golfers.
The potential of the golf business in Indonesia is very large, especially with the support from the tourism sector. We see an increasing interest from both local players and international tourists who are interested in enjoying the experience of playing golf in the midst of the natural beauty of Indonesia," said Dwi.
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Meanwhile, acting as underwriters, including PT KB Valbury Sekuritas, PT Samuel Sekuritas Indonesia, PT Semesta Indovest Sekuritas, and PT Trimegah Sekuritas Indonesia Tbk.
In 2022, the company managed to reverse the situation from a net loss of IDR 32.04 million to a net profit of IDR 25.53 billion.
Then, in 2023, the company's net profit again jumped by 136 percent year on year (yoy), which was obtained from net sales which increased significantly, by 59 percent (yoy) in 2022 and 53 percent (yoy) in 2023.
Darma Mangkuluhur Hutomo is the first child of Hutomo Mandala Putra alias Tommy Suharto, who is the son of the 2nd President of the Republic of Indonesia Suharto.
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