Ready to Go Public, Golden Westindo Artajaya Seeks Fresh Funds of IDR 82.28 Billion

Public Expose Golden Westindo Artajaya (Photo: Aris Nurjani/VOI)

JAKARTA – PT Golden Westindo Artajaya Tbk (GWAA) will be listed on the Indonesia Stock Exchange by conducting an initial public offering (IPO). The plan is to use the IPO funds mostly for land purchase, construction, and equipment purchase.

In the framework of this IPO, the prospective issuer engaged in Aquaculture and Aquatic will offer a maximum of 685,714,300 shares, or 30 percent of the issued and fully paid capital after the Initial Public Offering.

GWAA has set the initial public offering price at a nominal value of IDR 25 per share, an indicative price between IDR 100 and IDR 120 per share has the potential to raise funds from the initial public offering of up to IDR 82.28 billion.

The funds from the IPO will be used for the Company's capital expenditure, namely Land Purchase, Construction, and Equipment Purchase, all of which are for the Artemia Hatching Facility. The funds from the IPO will also be used for the Company's working capital, as well as investment in the form of equity participation in PT Kyorin Group Indonesia.

PT Golden Westindo Artajaya Tbk is engaged in the shrimp and fish seed feed trading industry, ornamental fish feed, aquarium equipment, and frozen ornamental fish feed by operating two main business segments, namely Aquaculture and Aquatic.

Currently, the Company has a Stock Storage Warehouse located in Tangerang, Banten, with an area of ​​6,464 m² and a storage capacity of 1,760 tons.

Meanwhile, the Frozen Ornamental Fish Feed Production Factory operated by the Company's Subsidiary Entity, PT Kyorin Group Indonesia, is located in Dayeuhkolot, Bandung, West Java, with an area of ​​1,645 m² and a production capacity of 250 tons per year.

As part of the expansion strategy, the Director of PT Golden Westindo Artajaya Tbk, Karolina Leo, said that the Company plans to establish two Artemia Hatching Facilities with a total investment of around 40.5 percent of the IPO proceeds.

"This facility will later produce ready-to-use natural seed feed in the form of nauplii. The establishment of the Artemia Hatching Facility is a product innovation developed by the Company to meet the needs of customers and industry," he said in a public expose, Wednesday, September 11.

Karolina said that Artemia Hatching Facilities will be established in Lampung and Situbondo, East Java, targeted to start operating in the fourth quarter of 2025 and the second quarter of 2026, respectively.

In addition, the President Director of PT Golden Westindo Artajaya Tbk, Rusdi Djamil Lioe said that in the Aquaculture segment, it provides quality natural and artificial seed feed products.

Meanwhile, for the Aquatic segment, the Company offers ornamental fish feed products, namely frozen ornamental fish feed products and various aquarium equipment.